BAKU, Azerbaijan, Dec.7
By Leman Zeynalova – Trend:
Azerbaijan’s crude oil production is expected to stand at 635,000 barrels per day in 2022, as compared to 643,000 barrels per day as of 2021, Trend reports with reference to the US JP Morgan Bank.
The country’s quarterly crude production in 2022 is estimated as follows: 645,000 bpd in Q1, 622,000 bpd in Q2, 642,000 bpd in Q3 and 630,000 bpd in Q4.
JP Morgan’s report says that Azerbaijan will produce 669,000 bpd in January 2022, 634,000 bpd in February, 631,000 bpd in March, 629,000 bpd in April, 621,000 bpd in May, 617,000 bpd in June, 641,000 bdp in July, 648,000 bpd in August, 639,000 bpd in September, 637,000 bpd in October, 631,000 November and 622,000 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.
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