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IEA forecasts Azerbaijan’s 2021 oil output

Oil&Gas Materials 19 January 2021 17:11
IEA forecasts Azerbaijan’s 2021 oil output

BAKU, Azerbaijan, Jan.19

By Leman Zeynalova – Trend:

Azerbaijan’s oil production is expected to stand at 0.72 million barrels per day in 2021, as compared to 0.70 million in 2020, Trend reports citing the International Energy Agency (IEA).

IEA estimates this figure to stand to 0.77 million barrels per day in 2019.

Azerbaijan’s oil production is forecast at 0.70 million barrels per day in Q1 2021, then rising to 0.72 million barrels per day and 0.73 million barrels per day in Q2 and Q3, respectively.

In accordance with the "Declaration of Cooperation", taking into account daily crude oil production volume - 718,000 barrels in October 2018, Azerbaijan had to keep crude oil production volume – 587,000 barrels, reducing its production volume by 131,000 barrels per day from August through December 2020.

The OPEC + agreement dated April 12, 2020 envisages daily production volume - 7.7 million barrels.

In accordance with the decision made on December 3, 2020, at the 12th OPEC and non-OPEC Ministerial Meeting, the daily crude oil production in January 2021 by OPEC + countries will reach 7.2 million tons. Azerbaijan will cut the production volume by 123,000 barrels.

Thus, the proposed daily oil production for Azerbaijan was set at 595,000 barrels in January 2021.

A decision was made at the 13th OPEC and non-OPEC Ministerial Meeting on January 5, 2021, to extend the current quotas for daily crude oil production in February-March.

In accordance with the new agreement, a decrease in the daily crude oil production volume by the OPEC countries will reach 7.1 million in February while 7.05 million barrels per day in March. Azerbaijan's obligations on oil production in February-March will not change.

Thus, Azerbaijan will maintain production volume at 595,000 barrels in January, February, and March by increasing daily crude oil production volume by 8,000 barrels compared to December 2020.

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