OPEC reveals forecasts for Azerbaijan’s oil output

Oil&Gas Materials 12 August 2020 16:40 (UTC +04:00)
OPEC reveals forecasts for Azerbaijan’s oil output

BAKU, Azerbaijan, Aug.12

By Leman Zeynalova – Trend:

For 2020, in line with the decisions of the OPEC+, liquids production in Azerbaijan is forecast to decline by 0.07 mb/d to average 0.72 mb/d, Trend reports citing OPEC’s Monthly Oil Market Report.

For 2021, production is forecast to be flat at 0.72 mb/d.

“The final liquids output in Azerbaijan in May and June shows m-o-m declines of 0.11 mb/d and 0.02 mb/d, respectively. Liquids output declined to 0.68 mb/d in June as per preliminary data. Crude oil production was adjusted down by 111 tb/d in May to average 0.57 mb/d, and decreased by another 20 tb/d in June to average 0.55 mb/d,” reads the report.

Preliminary crude oil production in July remained unchanged m-o-m, representing average production of 0.55 mb/d, said the cartel.

The OPEC+ agreement of April 12 envisages a total of 9.7 million barrels of daily oil production.

On July 31, the first stage of the reduction was completed. In the second phase of the agreement, covering the period from August 1 through December 31, daily crude oil production in OPEC+ countries will reach 7.7 million barrels, which is 18 percent less compared to October 2018.

During this period, Azerbaijan must reduce daily crude oil production by 131,000 barrels and keep it at 587,000 barrels.


Follow the author on Twitter: @Lyaman_Zeyn