BAKU, Azerbaijan, Feb.11
By Leman Zeynalova – Trend:
For 2021, in line with the DoC voluntary production adjustments, Azerbaijan’s liquids supply is forecast to remain flat at 0.73 mb/d, Trend reports with reference to OPEC’s Monthly Oil Market Report (MOMR).
Azerbaijan’s liquids output in December was flat to average 0.72 mb/d, which includes 0.59 mb/d of crude oil and 0.13 mb/d of NGLs, said the cartel.
For 2020, liquids production is estimated to decline by 0.06 mb/d y-o-y to average 0.73 mb/d, according to OPEC’s estimates.
Daily oil production (including condensate) in Azerbaijan amounted to 752,000 barrels, in January 2021, according to the Ministry of Energy.
The above amount included 593,000 barrels of crude oil and 159,000 barrels of condensate.
In pursuance of the Declaration of Cooperation, Azerbaijan, where oil production made up 718,000 barrels of crude oil per day in October 2018, undertook commitment to maintain the daily crude oil output at 595,000 barrels by reducing 123,000 barrels in the reporting month.
The OPEC+ agreement of April 12, 2020 envisioned a total daily production of 7.7 million barrels.
According to the decision taken on December 3, 2020 at the 12th meeting of the OPEC+ ministers, the daily crude oil production in January 2021 by OPEC + countries will amount to 7.2 million tons. Azerbaijan will cut production by 123,000 barrels. Thus, in January this year, the proposed daily oil production for Azerbaijan has been set at 595,000 barrels.
At the 13th Ministerial Meeting of the OPEC+ countries on January 5, 2021 it was decided to continue the existing quotas on daily crude oil production in February and March. In accordance with the new agreement, the daily crude oil production of OPEC+ countries will make up slightly over 7.1 million barrels in February and 7.05 million barrels in March.
Azerbaijan's commitments to produce 123,000 barrels in January this year were agreed to remain unchanged in February and March.
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