BAKU, Azerbaijan, Dec.15
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 0.71 million barrels per day and 0.73 million barrels per day in Q1 and Q2 2021 each.
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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