IEA evaluates Azerbaijan’s OPEC+ compliance

Oil&Gas Materials 15 October 2021 09:53 (UTC +04:00)
IEA evaluates Azerbaijan’s OPEC+ compliance

BAKU, Azerbaijan, Oct.15

By Leman Zeynalova – Trend:

Azerbaijan’s oil supply (excluding condensates) stood at 0.59 million barrels per day in September 2021, as compared to 0.60 million barrels per day in August 2021, Trend reports with reference to the International Energy Agency (IEA).

The country’s compliance with OPEC+ agreement in September 2021 was 148 percent, according to the IEA report.

The target for September and October 2021 is 0.63 and 0.64 million barrels per day, respectively.

Azerbaijan's state oil company SOCAR notes that the volume of oil output in Azerbaijan stood at nearly 8.7 million tons in Q3 2021. As such the country’s oil production grew by 6 percent. The oil production growth is attributable to easing of output restrictions under the OPEC+ deal.

Azerbaijan expressed its support to the decision on increasing daily oil production by 400,000 barrels in November this year made at the 21st Ministerial Meeting of OPEC and non-OPEC countries. The new Declaration of Cooperation envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in November to reach 647,000 barrels, while the reduction commitment is 71,000 barrels.


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