BAKU, Azerbaijan, Oct.1
By Leman Zeynalova – Trend:
Azerbaijan’s crude oil exports have decreased from 559,300 barrels per day (b/d) in 2019 to 500,300 b/d in 2020, a 10.5 percent decrease, Trend reports with reference to OPEC’s Annual Statistical Bulletin.
The country’s oil exports stood at 655,100 b/d in 2016, 615,300 b/d in 2017 and 608.600 b/d in 2018.
The report shows that Azerbaijan’s oil production stood at 769,800 b/d in 2016, 729,200 b/d in 2017, 725,000 b/d in 2018, 678,500 b/d in 2019 and 611,300 b/d in 2020. The year-on-year production dropped by 9.9 percent in 2020.
OPEC estimates Azerbaijan’s proven oil reserves at 7 billion barrels, unchanged from the previous reports.
The country’s oil demand stood at 103,000 b/d in 2016, 107,000 b/d in 2017, 121,000 b/d in 2018, 123,000 b/d in 2019 and 106,000 b/d in 2020. The country’s year-on-year oil demand fell by 14.3 percent.
OPEC forecasts that in 2021, Azerbaijan’s liquids supply is expected to show growth of 0.02 million barrels per day (mb/d) for the year to average 0.75 mb/d. Liquids supply is forecast to grow by 0.07 mb/d to average 0.82 mb/d in 2022, said the cartel.
Azerbaijan’s liquids production in July was flat to average 0.73 mb/d month-on-month, up by 0.04 mb/d year-on-year. While crude production averaged 608,000 b/d, natural gas liquids (NGLs) production was also steady at an average of 122,000 b/d, reads the latest OPEC report.
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