BAKU, Azerbaijan, Feb.10
By Leman Zeynalova – Trend:
Azerbaijan’s liquids supply is expected to grow by 0.08 mb/d y-o-y for an average of 0.82 mb/d, Trend reports with reference to OPEC.
“Azerbaijan’s liquids production in December increased by 0.01 mb/d m-o-m to average 0.75 mb/d, up by 0.02 mb/d y-o-y. Crude production inched up by 6 tb/d m-o-m to average 595 tb/d as maintenance was completed on the Chirag platform. Condensate output held steady at 150 tb/d, according to official sources. Azerbaijan’s liquids production is expected to increase in January 2022 to average 0.81 mb/d, following the completion of maintenance. Azerbaijan’s liquids supply is estimated to have grown by 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 forecast for an average of 0.82 mb/d," said the cartel.
Azerbaijan supported the decision to increase daily oil production by 400,000 barrels in March 2022, which had been adopted at the 25th meeting of ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-member countries.
The new "Declaration on Cooperation" provides for an increase in daily oil production of Azerbaijan by another seven thousand barrels in March, up to 675 thousand barrels, and the obligation to reduce is envisaged at the level of 43 thousand barrels.
At the 19th meeting of OPEC+, it was decided to extend the validity of the "Declaration on Cooperation", implying an increase in daily crude oil production by 400,000 barrels every month, until the end of 2022.
---
Follow the author on Twitter: @Lyaman_Zeyn