BAKU, Azerbaijan, Sept.28
By Leman Zeynalova – Trend:
Azerbaijan will be among drivers of oil output drop in the Caspian Sea region between 2025 and 2045, Trend reports with reference to OPEC’s World Oil Outlook.
“Moderate declines are seen in the Russia and Caspian region, with output dropping by around 0.5 mb/d between 2025 and 2045. This is mostly due to declines in Russia and Azerbaijan, which are not fully balanced by expected moderate supply increases in Kazakhstan over this period,” reads the cartel’s report.
During the reporting period, several regions show significant output declines, including the US & Canada, along with Europe and the Asia-Pacific, mostly due to ageing production and natural decline. At the same time, these declines are expected to be offset by supply increases in the Middle East and Latin America.
“In more detail, the crude and condensate supply from the US & Canada is expected to decline by around 3.8 mb/d between 2025 and 2045. This is accounted for by a decline in US supply after it reaches a peak around 2027. Europe’s crude and condensate supply is projected to decline by some 1.5 mb/d from 2025–2045, in line with the natural decline from ageing fields in the UK and Norway. In the Asia-Pacific region, crude and condensate supply continues its natural decline, mostly in Indonesia, Malaysia and China. Overall supply from this is estimated to be around 2 mb/d lower in 2045, relative to 2025,” said OPEC.
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