BAKU, Azerbaijan, Jan.18
By Leman Zeynalova – Trend:
Azerbaijan’s liquids supply is expected to show growth of 0.01 mb/d y-o-y to average 0.74 mb/d in 2021, while for 2022, growth of 0.08 mb/d y-o-y is anticipated for an average of 0.82 mb/d, Trend reports with reference to OPEC.
The cartel says in its Monthly Oil Market Report that Azerbaijan’s liquids production in November held steady at a m-o-m average of 0.72 mb/d and broadly unchanged y-o-y.
“Crude production inched up by a minor 2 tb/d m-o-m to average 584 tb/d as maintenance continued on the Chirag platform. Condensate output held steady at 140 tb/d, according to official sources. Oil production is expected to increase in December to average 0.79 mb/d, following the completion of maintenance,” reads the report.
Azerbaijan supported the decision taken at the 24th meeting of the OPEC + ministers on the plan to increase oil production by 400,000 barrels per day in February.
The new "Declaration of Cooperation" provides for an increase in daily oil production in Azerbaijan by another 7,000 barrels to 668,000 barrels in February 2022, and the obligation to reduce is envisaged at the level of 50,000 barrels.
At the OPEC+ ministerial meeting on July 18, 2021, it was decided to increase oil production by 400,000 barrels per month in order to complete oil production cuts at 5.8 million barrels in September 2022. It was also decided, with partial adjustments to base oil production levels from May 2022, to extend the "Declaration of Cooperation" until the end of 2022.
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