BAKU, Azerbaijan, Apr.14
By Leman Zeynalova – Trend:
The International Energy Agency (IEA) expects Azerbaijan’s oil production to rise from 0.70 million barrels per day in the first quarter in 2021 to 0.71 million barrels per day in Q2, Trend reports citing the agency.
Azerbaijan’s oil production is forecast at 0.73 million barrels per day in Q2 and Q3 each.
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.
IEA estimates this figure to stand to 0.77 million barrels per day in 2019.
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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