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Azerbaijan’s oil production to rise in 2021, says IEA

Oil&Gas Materials 12 November 2020 16:33 (UTC +04:00)
Azerbaijan’s oil production to rise in 2021, says IEA

BAKU, Azerbaijan, Nov.12

By Leman Zeynalova – Trend:

Azerbaijan’s oil production (crude oil, condensates, NGLs and oil from non-conventional sources) is expected to stand at 0.70 million barrels per day in 2020, as compared to 0.77 million in 2019, Trend reports citing the International Energy Agency (IEA).

IEA expects this figure to rise to 0.72 million barrels per day in 2021.

The agency’s data shows that the country produced 0.69 million barrels per day and 0.66 million barrels per day in Q2 and Q3 2020, respectively. No data has been provided for Q1.

Azerbaijan’s oil production is forecast at 0.68 million barrels per day in Q4 2020, then rising to 0.72 million barrels per day in Q1 and Q2 2021 each.

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.

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Follow the author on Twitter: @Lyaman_Zeyn

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