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IEA assesses Azerbaijan’s compliance with OPEC+ deal

Oil&Gas Materials 15 December 2020 13:28 (UTC +04:00)
IEA assesses Azerbaijan’s compliance with OPEC+ deal

BAKU, Azerbaijan, Dec.15

By Leman Zeynalova – Trend:

Azerbaijan’s oil supply (excluding condensates) stood at 0.59 million barrels per day in November 2020 unchanged from October, Trend reports with reference to the International Energy Agency (IEA).

The country’s compliance with OPEC+ agreement in November, as well as the average compliance was 100 percent, according to the IEA report.

Azerbaijan’s supply baseline amounts to 0.72 million barrels per day. The target for the period from May through July was 0.55 million barrels per day, from August through December - 0.59 million barrels per day and January 2021 target is 0.60 million barrels per day.

Daily oil production (together with condensate) in Azerbaijan stood at 686,200 barrels in November 2020, according to the energy ministry’s data.

Around 587,000 barrels of this volume accounted for crude oil and 99,200 barrels for condensate.

The OPEC+ agreement of April 12 provides for the daily production of a total of 7.7 million barrels.

According to the decision taken on December 3, 2020 at the 12th meeting of the OPEC+ ministers, the daily crude oil production in January 2021 by OPEC+ countries will amount to 7.2 million tons. Azerbaijan will cut production by 123,000 barrels. Thus, in January 2021, the proposed daily oil production for Azerbaijan is set at 595,000 barrels.

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Follow the author on Twitter: @Lyaman_Zeyn

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