BAKU, Azerbaijan, March 16
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, unchanged from 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 0.69 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 decision adopted at the 26th Ministerial Meeting of OPEC and non-OPEC countries to increase daily oil output by 400,000 barrels in April 2022.
The new Declaration of Cooperation envisages an increase in daily crude oil production in Azerbaijan by 7,000 barrels in March this year to reach 682,000 barrels, while the reduction commitment is 36,000 barrels.
At the 19th Ministerial Meeting of OPEC+ countries held in July 2021, the agreement was achieved to increase the daily crude oil production by 400,000 barrels per month, up to 5.8 million barrels starting from August 2021, complete the cuts in the production volume in September 2022 and extend the term of the “Declaration of Cooperation” by the end of 2022 with partial adjustments to the base level of oil production from May next year.
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