BAKU, Azerbaijan, May 12. 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 estimates the country’s oil output at 0.70 million barrels per day in Q1 and forecasts 0.69 million barrels per day in Q2 and Q3 each and 0.70 million barrels per day in 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.
At the 28th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan also supported the decision to increase daily oil production by 432,000 barrels in June.
In according to the quotas set for June, the daily crude oil production in Azerbaijan is expected to increase by 7,000 barrels reaching to 695 thousand barrels, and the commitment to reduce to 23,000 barrels.
According to the decision adopted at the 19th Ministerial Meeting of OPEC plus held in July last year, the increase in daily crude oil production with partial adjustments to the base level will be applied from May 2022.
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