BAKU, Azerbaijan, Nov.30
By Leman Zeynalova – Trend:
Azerbaijan’s crude oil production is expected to stand at 605,000 barrels per day as of 2022, before falling to 570,000 barrels per day in 2023, Trend reports with reference to the US JP Morgan Bank.
The Bank estimates 605,000 barrels per day for all four quarters of 2022.
As for 2023, Azerbaijan is expected to produce 601 bpd in Q1, 579 bpd in Q2, 559 bpd in Q3 and 541 bpd in Q4.
JP Morgan’s report says that Azerbaijan will produce 610,000 bpd in January 2021, 602,000 bpd in February, 592,000 bpd in March, 584,000 bpd in April, 579,000 bpd in May, 575,000 bpd in June and 567,000 bdp in July, 559,000 bpd in August, 551,000 bpd in September, 544,000 bpd in October, 543,000 bpd in November and 537,000 bpd in December.
In accordance with the decision taken at the 20th meeting of the ministers of the OPEC + countries, Azerbaijan committed itself to cut oil production by 78,000 barrels in October. The country's oil production quota in October was 640,000 barrels.
As such, Azerbaijan fulfilled its obligations under the OPEC + agreement by 109.2 percent.
According to the agreement reached at the 21st meeting of ministers, Azerbaijan pledged to reduce production by 71,000 barrels per day in November and thereby produce 64,000 barrels of crude oil more than in the previous month.
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