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IEA expects Azerbaijan to raise oil output in Q2

Oil&Gas Materials 13 May 2021 11:01 (UTC +04:00)
IEA expects Azerbaijan to raise oil output in Q2

BAKU, Azerbaijan, May 13

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.

Azerbaijan fulfilled its obligations under OPEC+ deal in April 2021 by producing 698,000 barrels per day of crude oil, including condensate, with 594,000 barrels accounting for crude oil and 104,000 barrels accounting for condensate.

Under the OPEC+ deal, Azerbaijan was required to reduce production by 123,000 barrels per day from January through April 2021, from the 2018 level of 718,000 barrels per day and keep it at the level of 595,000 barrels per day.

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Follow the author on Twitter: @Lyaman_Zeyn

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