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IEA lowers forecasts for Azerbaijan’s 2022 oil output

Oil&Gas Materials 15 October 2021 10:57 (UTC +04:00)
IEA lowers forecasts for Azerbaijan’s 2022 oil output

BAKU, Azerbaijan, Oct.15

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, 0.69 and 0.71 million barrels per day in Q1, Q2 and Q3, respectively and forecasts 0.71 million barrels per day in Q4.

Azerbaijan is expected to produce 0.72 million barrels per day in 2022, as compared to 0.73 million barrels per day in the pervious forecasts.

IEA estimates that Azerbaijan’s oil production stood at 0.70 million barrels per day in 2020.

“Crude supply from Azerbaijan dipped to 590 kb/d in September due to scheduled maintenance on the Chirag platform that began on 23 September. Production is set to slip further this month with maintenance set to run until 18 October. The Chirag platform pumps around 30 kb/d from the Azeri-Chirag-Guneshli (ACG) fields in the Caspian Sea. As a result of the maintenance, loadings of BTC crude oil from the Turkish Mediterranean were set at 475 kb/d in October compared to 510 kb/d in September,” IEA said.

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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Follow the author on Twitter: @Lyaman_Zeyn

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