BAKU, Azerbaijan, Nov.11
By Leman Zeynalova - Trend:
Azerbaijan’s liquids output is expected to drop to 0.68 mb/d in Q4 2020, Trend reports citing OPEC’s Oil Market Report.
“Azerbaijan’s preliminary liquids output in October showed a m-o-m decline of 0.01 mb/d to average 0.71 mb/d. Azerbaijan has reduced its output from 1Q20 by 0.06 mb/d to average 0.73 mb/d in 2Q20, and saw a further reduction by 0.03 mb/d to average 0.70 mb/d in 3Q20,” said the cartel.
“Production of condensate and NGLs has been steady since July 2020 at 122 tb/d. Crude output in October declined by 12 tb/d to 585 tb/d. For 2020, liquids production is forecast to decline by 0.06 mb/d to average 0.73 mb/d. For 2021, a minor decline of 0.01 mb/d is forecast.”
Daily oil production (together with condensate) in Azerbaijan amounted to 675,200 barrels in October 2020, according to Azerbaijani Ministry of Energy.
According to the ministry, 587,000 barrels of this volume accounted for crude oil, 88,200 barrels for condensate.
According to the "Declaration of Cooperation", in October 2018, Azerbaijan, with daily crude oil production in the volume of 718,000 barrels, had to maintain crude oil production from August through December 2020 in the volume of 587,000 barrels per day, reducing the production of crude oil by 131,000 barrels.
The OPEC+ agreement of April 12 provides for daily production of 7.7 million barrels in total.
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.
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