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JP Morgan expects Azerbaijan to lower crude output in 2022

Oil&Gas Materials 16 February 2021 11:39
JP Morgan expects Azerbaijan to lower crude output in 2022

BAKU, Azerbaijan, Feb.16

By Leman Zeynalova – Trend:

Azerbaijan’s crude oil production is expected to stand at 614,000 barrels per day in 2022, as compared to 619,000 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: 613,000 bpd in Q1, 612,000 bpd in Q2, 607,000 bpd in Q3 and 613,000 bpd in Q4.

JP Morgan’s report says that Azerbaijan will produce 609,000 bpd in January 2022, 620,000 bpd in February, 612,000 bpd in March, 605,000 bpd in April, 612,000 bpd in May, 620,000 bpd in June, 613,000 bdp in July, 605,000 bpd in August, 603,000 bpd in September, 605,000 bpd in October, 620,000 November and 614,000 bpd in December.

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.

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