BAKU, Azerbaijan, Feb.11
By Leman Zeynalova – Trend:
The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.70 million barrels per day in 2022, as compared to 0.72 million barrels per day in the previous report, Trend reports citing the agency.
The agency forecasts the country’s oil output at 0.70 million barrels per day in Q1 and 0.71 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 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.
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