BAKU, Azerbaijan, Nov.30
By Leman Zeynalova – Trend:
Azerbaijan’s crude oil production is expected to stand at 597,000 barrels per day as of 2021, Trend reports with reference to the US JP Morgan Bank.
The Bank estimates that Azerbaijan produced 593,000 bpd in Q1, 598,000 bpd in Q2, 596,000 bpd in Q3 and the forecast for Q4 stands at 600,000 bpd.
JP Morgan’s report says that Azerbaijan produced 593,000 bpd in January 2021, 593,000 bpd in February, 592,000 bpd in March, 594,000 bpd in April, 590,000 bpd in May, 610,000 bpd in June and 606,000 bdp in July, 596,000 bpd in August, 586,000 bpd in September, 590,000 bpd in October and is forecast to produce 605,000 bpd in November and December each.
In accordance with the decision taken at the 20th meeting of the ministers of the OPEC + countries, Azerbaijan committed itself to cut oil production by 78,000 barrels in October. The country's oil production quota in October was 640,000 barrels.
As such, Azerbaijan fulfilled its obligations under the OPEC + agreement by 109.2 percent.
According to the agreement reached at the 21st meeting of ministers, Azerbaijan pledged to reduce production by 71,000 barrels per day in November and thereby produce 64,000 barrels of crude oil more than in the previous month.
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