BAKU, Azerbaijan, Feb.12
By Leman Zeynalova – Trend:
Azerbaijan’s petroleum and other liquids production will stand at 0.76 million barrels per day in 2020, as compared to 0.79 million barrels per day in 2019, the US Energy Information Administration (EIA) said in its February Short-term Energy Outlook (STEO), Trend reports.
The country’s quarterly production for 2020 is as follows: 0.78 million barrels per day in the first quarter (Q1) of 2020, 0.77 million barrels per day in Q2, 0.75 million barrels per day and 0.76 million barrels per day in Q3 and Q4, respectively.
EIA forecasts that petroleum and other liquids production in Azerbaijan will even more decline in 2021 to stand at 0.74 million barrels per day.
The expected quarterly forecast for 2021 is 0.74 million barrels per day in all the quarters, except for the third quarter when this figure will drop to 0.73 million barrels per day.
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.
In accordance with the new declaration on cooperation adopted by OPEC+, Azerbaijan’s commitments on oil production volume increased by 7,000 barrels and have been set at 27,000 barrels a day.
A decision to further reduce the daily oil production by 500,000 barrels a day was made at the 7th OPEC and non-OPEC Ministerial Meeting on December 6, 2019.
Azerbaijan shall maintain daily oil production at 769,000 barrels till the end of the first quarter of 2020.
Azerbaijani Ministry of Energy said that the daily oil production amounted to 769,000 barrels in January 2020.
In accordance with the data, as of January 2020, 678,000 barrels of that volume accounted for crude oil, 91,000 barrels - for condensate. Some 540,000 barrels of crude oil, 87,000 barrels of condensate, and 22,300 barrels of oil products were exported daily.
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