BAKU, Azerbaijan, Aug.10. The US Energy Information Administration (EIA) expects that petroleum and other liquids production in Azerbaijan will stand at 0.66 million barrels per day (mb/d) in 2022, as compared to 0.68 mb/d in the previous forecast, Trend reports.
Azerbaijan has been reducing oil output every month as part of the OPEC+ deal. The country overfulfills production quotes each month under this agreement. Azerbaijan’s daily oil production for September is set at 718 000 barrels, as the 31st OPEC and non-OPEC Ministerial Meeting decided to adjust upward the production level for OPEC+ by 0.1 mb/d for the month of September 2022. This adjustment does not affect the baselines decided on the Meeting on 18 July 2021. The meeting participants reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.
EIA estimates that Azerbaijan produced 0.70 mb/d in Q1 and 0.67 mb/d in Q2, for the rest of the quarters the volume of production will stand at 0.63 mb/d in Q3 and Q4 each.
Azerbaijan is expected to produce 0.61 million barrels per day in 2023, as compared to 0.65 mb/d in the previous forecast.
The quarterly production will stand at 0.62 million barrels per day in Q1, 0.60 million barrels per day in Q2, 0.60 million barrels per day in Q3 and 0.61 million barrels per day in Q4.
Azerbaijan’s petroleum and other liquids production stood at 0.72 million barrels per day in 2021.
The country produced 0.75 million barrels per day, 0.70 million barrels per day, 0.71 million barrels and 0.71 million barrels per day in the first, second, third and fourth quarters of 2021, respectively, according to EIA.
The Azeri-Chirag-Gunashli block of offshore fields is giving the major part of the oil produced in Azerbaijan. The Azerbaijani Light oil is produced at that block.
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