BAKU, Azerbaijan, June 17
By Leman Zeynalova – Trend:
For 2020, liquids supply in Azerbaijan is forecast to decline by 0.07 million barrels per day to average 0.72 million barrels per day, Trend reports with reference to OPEC’s Monthly Oil Market Report.
This is while in its previous report, OPEC forecasted this figure to stand at 0.70 million barrels per day.
Preliminary liquids production in Azerbaijan shows a decrease of 0.11 million barrels per day in May month-on-month to average 0.68 million barrels per day, lower by 0.03 million barrels per day year-on-year, the report says.
“Liquids output in Azerbaijan in April was flat at 0.79 million barrels per day, up by 0.08 million barrels per day year-on-year. While crude oil production declined by 5,000 barrels per day to average 0.67 million barrels per day year, natural gas liquids (NGLs) and condensates increased by 12,000 barrels per day, month-on-month to average 123,000 barrels per day,” reads the report.
Azerbaijan has supported the extension of OPEC+ deal by the end of July.
The videoconference of OPEC and non-OPEC countries’ ministers decided to extend the deal to cut daily oil output by 9.7 million barrels by another month, till July 31.
It was agreed that the countries, which have failed to fully implement their obligations from May through June, will compensate this in July, August and September.
OPEC members will reduce daily oil production by 6.084 million barrels, while non-OPEC countries will cut their output by 3.616 million barrels per day.
Saudi Arabia, Kuwait and Oman will decrease daily oil production by additional 1.2 million barrels in June.
Azerbaijan should fulfill its obligation to cut oil production by 164,000 barrels in May-June by the end of July as well and keep crude production at 554,000 barrels per day.
---
Follow the author on Twitter: @Lyaman_Zeyn
