BAKU, Azerbaijan, Sept.14
By Leman Zeynalova – Trend:
The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.70 million barrels per day in 2021, Trend reports citing the agency.
IEA estimates that Azerbaijan’s oil output stood at 0.70 and 0.69 million barrels per day in Q1 and Q2, respectively and forecasts 0.70 and 0.72 mbd for Q3 and Q4, respectively.
Azerbaijan is expected to produce 0.73 million barrels per day in 2022.
IEA estimates that Azerbaijan’s oil production stood at 0.70 million barrels per day in 2020.
According to the decision of the OPEC+ ministers adopted in July 2021, Azerbaijan's commitment to reduce production in August should have amounted to 91,000 barrels, and daily crude oil production should have been increased by 7,000 barrels compared to July – to 627,000 barrels.
According to the agreement adopted in July 2021 at the 19th meeting of OPEC+ ministers, starting from August 2021, the countries included in this structure must increase daily crude oil production by 400,000 barrels per day on a monthly basis.
It is planned to complete the cuts of 5.8 million barrels in September 2022 and extend the validity period of the "Declaration on Cooperation" until the end of 2022, with a partial adjustment of the base level of oil production from May 2022.
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