BAKU, Azerbaijan, Aug.12
By Leman Zeynalova – Trend:
The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.71 million barrels per day in 2021, as compared to 0.72 million barrels per day in the previous report, Trend reports citing the agency.
Azerbaijan’s oil production is estimated to reach 0.70 million barrels per day in Q1 and drop to 0.69 million barrels per day in Q2, while the forecasts for Q3 and Q4 each are at the level of 0.74 million barrels per day.
Azerbaijan’s oil production is expected to stand at 0.75 million barrels per day in 2022, as compared to 0.74 million barrels per day in the previous report.
IEA estimates that Azerbaijan’s oil production stood at 0.70 million barrels per day in 2020.
At the 19th meeting of the ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, Azerbaijan supported the decision to extend the "Declaration of Cooperation" until the end of 2022, which implies an increase in daily crude oil production by 400 thousand barrels every month in August - December 2021 and a partial adjustment of the base oil production level from May next year.
The new "Declaration on Cooperation" envisages a corresponding increase in daily oil production in Azerbaijan from August to the end of the year, as well as a corresponding decrease in obligations for reductions. From May 2022 until the end of the year, the calculation of Azerbaijan's oil production obligations will continue on the basis of the existing base, that is, the daily crude oil production of 718 thousand barrels per day in October 2018 in our country will remain the basis for determining the production level next year.
Azerbaijan supported this new OPEC + decision, which will help balance the world oil market. The new agreement calls for a reduction from 5.8 million barrels in OPEC + countries to 2 million barrels by the end of 2021.
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