OPEC: Azerbaijan's oil production to remain stable in 2020-30

By Azernews

By Ayya Lmahamad

The Organization of the Petroleum Exporting Countries (OPEC) has forecasted that Azerbaijan's oil and other liquid hydrocarbons production to remain stable at 0.7 million barrels in 2020-30, Day.az has reported, quoting OPEC World Oil Outlook.

According to OPEC, daily production is forecasted to decrease to 0.6 million barrels in 2035-2040.

The report also notes that by 2045, the daily production of oil and other liquid hydrocarbons in Azerbaijan is projected at 0.5 million barrels, which is by 0.3 million barrels less compared to 2019.

It should be noted that according to the September OPEC forecast, the daily production of oil and other liquid hydrocarbons in Azerbaijan is expected to reach 750,000 barrels by 2021 and 82,000 barrels by 2022. It is noted that the average daily production of oil and other liquid hydrocarbons in Azerbaijan in 2020 was 730,000 barrels.

Since April 2020, OPEC and non-OPEC countries have entered into an agreement on the reduction of daily oil production volume. Earlier, Azerbaijan supported the decision to increase daily crude oil output by 400,000 barrels per month in August-December 2021 and to extend the Declaration of Cooperation until the end of 2022, with partial adjustments to the base level of oil production from May next year, at the 19th Ministerial Meeting of OPEC and non-OPEC countries.