BAKU, Azerbaijan, Sept.14
By Leman Zeynalova – Trend:
Azerbaijan’s crude oil production is expected to stand at 615,000 barrels per day as of 2021, Trend reports with reference to the US JP Morgan Bank.
The Bank estimates that Azerbaijan produced 593,000 bpd in Q1, 598,000 bpd in Q2 and the forecast for Q3 and Q4 stands at 622,000 bpd and 647,000 bpd, respectively.
JP Morgan’s report says that Azerbaijan produced 593,000 bpd in January 2021, 593,000 bpd in February, 592,000 bpd in March, 594,000 bpd in April, 590,000 bpd in May, 610,000 bpd in June and 606,000 bdp in July. The country’s output is expected to stand at 627,000 bpd in August, 633,000 bpd in September, 640,000 bpd in October, 647,000 November and 654,000 bpd in December.
At the 20th OPEC and non-OPEC Ministerial Meeting (ONOMM), held Sept.1 2021, the sides reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of October 2021.
The daily oil production (including condensate) in Azerbaijan in August 2021 amounted to 711,600 barrels, according to the Ministry of Energy.
The daily oil production (including condensate) over the same period in 2020 in Azerbaijan reached 669,100 barrels, of which 584,600 barrels were crude oil, and 84,500 barrels was condensate.
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