OPEC forecasts rise in Azerbaijan's liquids production in 20...| MENAFN.COM

Wednesday, 18 May 2022 02:05 GMT

OPEC forecasts rise in Azerbaijan's liquids production in 2022


(MENAFN- AzerNews)

By Ayya Lmahamad

The production of liquid hydrocarbons in Azerbaijan is expected to increase by 0.08 million barrels per day in 2022, according to the January report of the Organization of Petroleum Exporting Countries (OPEC) Monthly Oil Market.

'For 2022, growth of 0.08 million barrels per day year-on-year is anticipated for an average of 0.82 million barrels per day,' the report said.

The report also noted that Azerbaijan's liquids supply is expected to show growth of 0.01 million barrels per day year-on-year to average 0.74 million barrels per day in 2021.

Moreover, Azerbaijan's liquids production in November held steady at a month-on-month average of 0.72 million barrels per day and broadly unchanged year-on-year.

'Crude production inched up by a minor 2 tbd month-on-month to average 584 tbd as maintenance continued on the Chirag platform. Condensate output held steady at 140 tbd, according to official sources,' the report said.

Meanwhile, the report notes that oil production is expected to increase in December to average 0.79 million barrels per day, following the completion of maintenance.

Since April 2020, OPEC and non-OPEC countries have entered into an agreement on the reduction of daily oil production volume. 

At the 19th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan has supported the decision to increase daily crude oil output by 400,000 barrels per month in August-December 2021, and to extend the Declaration of Cooperation until late 2022, with partial adjustments to the base level of oil production from May next year.

That Declaration of Cooperation envisages increasing daily crude oil production volume in Azerbaijan every month from August to the end of the year and reducing the obligations related to cuts accordingly.

Moreover, from May 2022 to the end of the year, the calculation of Azerbaijan's oil production obligations will be continued on the basis of the existing base. In other words, the 718,000-barrel daily crude oil production in October 2018 in Azerbaijan will remain at the base level for determining the output level next year.

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Ayya Lmahamad is AzerNews' staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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