BAKU, Azerbaijan, Apr.13
By Leman Zeynalova – Trend:
Following a decline of 0.06 million barrels per day in Azerbaijani liquids output in 2020, liquids supply is forecast to grow by 0.03 mb/d to average 0.76 million barrels per day in 2021, Trend reports citing OPEC.
This is while in the previous report the cartel forecasted Azerbaijan’s 2021 liquids supply at 0.73 million barrels per day.
“Azerbaijan’s liquids supply in February declined slightly month-on-month to 0.74 million barrels per day and is expected to continue at the same level in March.
Condensate and natural gas liquids (NGL) output from gas-condensate offshore fields saw a record high in January at 193,000 barrels per day, mainly from the Shah Deniz field in the Caspian.
However, preliminary average production data in February and March shows a decline of 45,000 barrels per day to average 148,000 barrels per day,” reads the cartel’s report.
Daily oil production (together with condensate) in Azerbaijan amounted to 734,800 barrels in March 2021.
Of the mentioned volume 592,100 barrels accounted for crude oil and 142,700 barrels for condensate.
At the 13th and 14th meetings of the OPEC+ countries' ministers (held in January and March 2021), an agreement was reached to continue observing the current quotas for daily crude oil production in February, March, and April of this year.
According to Azerbaijan's obligations, for this period, as in January, the reduction will be 123,000 barrels, and daily crude oil production will remain at the level of 595,000 barrels.
The reduction in daily crude oil production by OPEC+ countries in April will amount to 6.9 million barrels.
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