BAKU, Azerbaijan, Dec.7
By Leman Zeynalova – Trend:
Azerbaijan’s crude oil production is expected to stand at 587,000 barrels per day in the fourth quarter of 2020, as compared to 574,000 bpd in the previous quarter, Trend reports with reference to the US JP Morgan Bank.
The country’s crude production in Q1 and Q2 is estimated at 676,000 bpd and 596,000 bpd, respectively.
JP Morgan’s report says that Azerbaijan produced 678,000 bpd in January, 667,000 bpd in February, 684,000 bpd in March, 680,000 bpd in April, 557,000 bpd in May, 554,000 bpd in June, 554,000 bdp in July, 584,000 bpd in August, 585,000 bpd in September, 587,000 bpd in October, 586,000 November and will produce 588,000 bpd in December.
The country’s overall oil production as of 2020 is expected to stand at 608,000 barrels per day.
The 12th OPEC and non-OPEC Ministerial Meeting (ONOMM) was held via videoconference, on December 3, 2020.
Beginning in January 2021, OPEC+ participating countries decided to voluntary adjust production by 0.5 mb/d from 7.7 mb/d to 7.2 mb/d.
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