OPEC reveals forecasts for Azerbaijan’s liquids output

Oil&Gas Materials 11 November 2021 18:06 (UTC +04:00)

BAKU, Azerbaijan, Nov. 11

By Leman Zeynalova - Trend:

Azerbaijan’s liquids supply is expected to show growth of 0.02 mb/d y-o-y to average 0.75 mb/d in 2021, while for the next year a growth of 0.07 mb/d, y-o-y to average 0.82 mb/s is anticipated, Trend reports with reference to OPEC.

Azerbaijan’s liquids production in September declined by 0.02 mb/d m-o-m, to average 0.72 mb/d, up by 0.04 mb/d y-o-y, reads the latest OPEC report.

“While crude production declined by 10 tb/d m-o-m to average 586 tb/d, condensate output was up marginally to around 117 tb/d, according to official sources. Azerbaijani crude oil output has been edging lower since hitting a year-to-date high of 618 tb/d in June,” said the cartel.

Preliminary estimates also show that crude output in August and September continued at 596 tb/d and 593 tb/d, respectively. Maintenance at the Chirag deepwater platform had begun on 23 September and was due to last 25 days. Chirag is one of six platforms that make up the BP-led Azeri-Chirag-Gunashli (ACG) complex in the Caspian Sea, OPEC said.

At the 22nd meeting of the ministers of the OPEC plus countries, an agreement was reached to maintain the decision adopted at the July meeting of ministers to increase the daily crude oil production by 400,000 barrels per month from August through December 2021.

Within the Declaration of Cooperation adopted, Azerbaijan's commitment to cut output will amount to 64,000 barrels per day in December. Azerbaijan was provided with an opportunity to increase the daily crude oil production by 7,000 barrels compared to November, maintaining it at 654,000 barrels.


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