BAKU, Azerbaijan, Jan.18
By Leman Zeynalova – Trend:
Azerbaijan’s oil production in 2022 is expected to stand at 590,000 barrels per day, as compared to 594,000 barrels per day in 2021, Trend reports with reference to the US JP Morgan Bank.
The bank expects the country’s oil output at 590,000 barrels per day in all four quarters of 2022, while these figures were equal to 593 bpd, 598 bpd, 596 bpd, 591 bpd in four quarters of 2021, respectively.
JP Morgan forecasts Azerbaijan's oil output at 583 bpd in 2023. The quarterly production in 2023 is expected as follows: 593 bpd in Q1, 588 bpd in Q2, 576 bpd in Q3 and 577 bpd in Q4.
JP Morgan estimates that Azerbaijan produced 593 bpd in January 2021, 593 bpd in February, 592 bpd in March, 594 bpd in April, 590 bpd in May, 610 bpd in June, 606 bpd in July, 596 bpd in August, 586 bpd in September, 586 bpd in October, 590 bpd in November and 597 bpd in December.
Azerbaijan supported the decision taken at the 24th meeting of the OPEC + ministers on the plan to increase oil production by 400,000 barrels per day in February.
The new "Declaration of Cooperation" provides for an increase in daily oil production in Azerbaijan by another 7,000 barrels to 668,000 barrels in February 2022, and the obligation to reduce is envisaged at the level of 50,000 barrels.
At the OPEC+ ministerial meeting on July 18, 2021, it was decided to increase oil production by 400,000 barrels per month in order to complete oil production cuts at 5.8 million barrels in September 2022. It was also decided, with partial adjustments to base oil production levels from May 2022, to extend the "Declaration of Cooperation" until the end of 2022.
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