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JP Morgan revises up forecasts for Azerbaijan’s 2021 oil output

Oil&Gas Materials 6 April 2021 11:29 (UTC +04:00)

BAKU, Azerbaijan, Apr.6

By Leman Zeynalova - Trend:

Azerbaijan’s crude oil production is expected to stand at 620,000 barrels per day as of 2021, Trend reports with reference to the US JP Morgan Bank.

This is while in the previous report the Bank estimated this figure to stand at 616,000 bpd.

The country’s quarterly crude production in 2021 is estimated as follows: 595,000 bpd in Q1, 618,000 bpd in Q2, 634,000 bpd in Q3 and 633,000 bpd in Q4.

JP Morgan’s report says that Azerbaijan will produce 593,000 bpd in January 2021, 593,000 bpd in February, 600,000 bpd in March, 606,000 bpd in April, 623,000 bpd in May, 625,000 bpd in June, 625,000 bdp in July, 630,000 bpd in August, 647,000 bpd in September, 650,000 bpd in October, 623,000 November and 626,000 bpd in December.

Azerbaijan has supported the decision taken at the 15th meeting of the OPEC+ ministers to gradually increase daily production to 1.1 million barrels over the next three months (from May through July 2021).

According to the new ‘Declaration of Cooperation’, daily crude oil production in Azerbaijan will increase by 8,000 barrels in May, 7,000 barrels in June, and 10,000 barrels in July.

Thus, Azerbaijan's new production commitments will amount to 115,000 barrels in May, 108,000 barrels in June, and 98,000 barrels in July. Daily oil production in the country will remain at 603,000 barrels in May, 610,000 barrels in June and 620,000 barrels in July.

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Follow the author on Twitter: @Lyaman_Zeyn

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