BAKU, Azerbaijan, Feb.12
By Leman Zeynalova – Trend:
For 2020, oil production in Azerbaijan is forecast to grow by 0.01 million barrels per day, Trend reports with reference to OPEC’s February Monthly Oil Market Report (MOMR).
The forecast was adjusted to 796,000 barrels per day in the first quarter of 2020, in line with voluntary commitments of the OPEC Declaration of Cooperation.
“For 2019, Azerbaijan’s oil production is estimated to have declined by 0.02 million barrels per day to average 0.79 million barrels per day,” reads the report.
Azerbaijan’s liquids output in December 2019 was down by 5,000 barrels per day month-on-month to average 0.79 million barrels per day, lower by 0.02 million barrels per day year-on-year, with a decrease in crude oil production by 7,000 barrels per day to average 667,000 barrels per day and higher output by only 2,000 barrels per day for natural gas liquids (NGLs) to average 124,000 barrels per day, said OPEC.
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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