BAKU, Azerbaijan, Jan.20
By Leman Zeynalova – Trend:
The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.72 million barrels per day in 2022, as compared to 0.70 million barrels per day in 2021, Trend reports citing the agency.
The agency forecast the country’s oil output at 0.71 million barrels per day in Q1 and 0.72 million barrels per day in Q2 and Q3 each. No data is available for the Q4 2022.
IEA estimates that Azerbaijan’s oil output stood at 0.70 in Q1, 2021, 0.69 in Q2 2021 and 0.71 million barrels per day in Q3 and Q4 each.
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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