BAKU, Azerbaijan, Nov.16
By Leman Zeynalova – Trend:
The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.71 million barrels per day in 2021, as compared to 0.70 million barrels per day in the previous report, 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 0.73 million barrels per day in Q4.
Azerbaijan is expected to produce 0.74 million barrels per day in 2022, as compared to 0.72 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.
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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