BAKU, Azerbaijan, April 12. Most of the decline in the Azeri-Chirag-Gunashli (ACG) crude is expected to be partially offset by Shah Deniz Phase 2 condensate output, which came online in July 2021, Trend reports with reference to OPEC.
The cartel says that Azerbaijan’s liquids production in February dropped slightly m-o-m by 15 tb/d to average 0.72 mb/d, down by 59 tb/d y-o-y.
“Crude production declined by 15 tb/d m-o-m to average 566 tb/d. NGLs output held steady at 150 tb/d, according to official sources. Azerbaijan’s liquids production is expected to increase in March 2022 to average 0.8 mb/d. For 2021, liquids supply is estimated to have grown by 0.01 mb/d y-o-y to average 0.74 mb/d, while for 2022, y-o-y growth of 0.07 mb/d is forecast for an average of 0.81 mb/d, revised down by 10 tb/d on lower-than-expected production in 1Q22,” OPEC said.
The decision adopted at the 27th meeting of the Organization of Petroleum Exporting Countries members and allies (OPEC+) provides for increasing daily oil production in Azerbaijan by further 7,000 barrels in May 2022.
Daily oil output is planned to reach 688,000 barrels whilst the reduction commitment is provided at the level of 30,000 barrels.
Azerbaijan supported the decision to increase daily oil extraction by 432,000 barrels in May 2022.
The 28th OPEC+ Ministerial Meeting will be held on May 5.
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