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Azerbaijan to reduce oil production in 2022, says IMF

Oil&Gas Materials 20 October 2021 16:38 (UTC +04:00)
Azerbaijan to reduce oil production in 2022, says IMF

BAKU, Azerbaijan, Oct.20

By Leman Zeynalova – Trend:

The International Monetary Fund (IMF) expects Azerbaijan’s oil production to rise from 0.68 millions of barrels per day in 2021 to 0.66 millions of barrels per day in 2022, Trend reports with reference to the organization.

Azerbaijan’s oil production stood at 0.71 millions of barrels per day in 2020, as compared to 0.75 million barrels per day in 2019.

The country’s oil exports are set to grow from 0.34 millions of barrels per day in 2021 to 0.40 millions of barrels per day in 2022. The country exported 0.36 millions of barrels per day in 2020, as compared to 0.48 millions of barrels per day in 2019.

Italian Eni company estimates Azerbaijan’s oil reserves at 6.978 billion barrels as of December 31, 2020.

The country’s oil reserves have remained unchanged since 2018, while from 2005 through 2017 this figure stood at 7 billion barrels.

Eni notes that the country’s oil production dropped by 8.6 percent in 2020 as compared to 2019, from 765,000 barrels per day to 699,000 barrels per day. This is while Azerbaijan oil consumption fell by 10.6 percent from 104,000 barrels per day to 93,000 barrels per day.

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