JP Morgan’s estimates on Azerbaijan’s 2021 crude oil output

Oil&Gas Materials 7 December 2020 14:44 (UTC +04:00)
JP Morgan’s estimates on Azerbaijan’s 2021 crude oil output

BAKU, Azerbaijan, Dec.7

By Leman Zeynalova – Trend:

Azerbaijan’s crude oil production is expected to stand at 643,000 barrels per day as of 2021, as compared to 608,000 bpd in 2020, Trend reports with reference to the US JP Morgan Bank.

The country’s quarterly crude production in 2021 is estimated as follows: 614,000 bpd in Q1, 639,000 bpd in Q2, 660,000 bpd in Q3 and 659,000 bpd in Q4.

JP Morgan’s report says that Azerbaijan will produce 606,000 bpd in January 2021, 614,000 bpd in February, 622,000 bpd in March, 631,000 bpd in April, 635,000 bpd in May, 650,000 bpd in June, 655,000 bdp in July, 660,000 bpd in August, 665,000 bpd in September, 657,000 bpd in October, 662,000 November and 658,000 bpd in December.

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.

Azerbaijan also supported the decision to increase crude oil production.

As such, in January next year, OPEC countries will reduce daily crude oil production by 4.564 million barrels, and non-OPEC countries by 2.636 million barrels.

According to the new Declaration of Cooperation, in January 2021, Azerbaijan's obligation will amount to 123,000 barrels.

That is, in January, Azerbaijan must maintain production at 595,000 barrels, increasing daily crude oil production by 8,000 barrels.


Follow the author on Twitter: @Lyaman_Zeyn