Industry

IEA revises down forecast for Azerbaijan’s 2022 oil output

BAKU, Azerbaijan, The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.68 million barrels per day in 2022, as compared to 0.69 million barrels per day in the previous report, Trend reports citing the agency.

Azerbaijan has been reducing oil output every month as part of the OPEC+ deal. The country overfulfills production quotes each month under this agreement.

Azerbaijan’s daily oil production for September is set at 718 000 barrels, as the 31st OPEC and non-OPEC Ministerial Meeting decided to adjust upward the production level for OPEC+ by 0.1 mb/d for the month of September 2022.

This adjustment does not affect the baselines decided on the Meeting on 18 July 2021. The meeting participants reaffirmed the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings including the 19th OPEC and non-OPEC Ministerial Meeting on the 18 July 2021.

The agency estimates the country’s oil output at 0.70 million barrels per day in Q1 and 0.67 million barrels per day in Q2. The forecasts for Q3 and Q4 also stand at 0.67 million barrels per day each.

Azerbaijan is set to produce 0.66 million barrels per day in 2023, while in the previous forecast this figure stood at 0.68 million barrels per day. The agency forecasts Q1 2023 output at 0.67 million barrels per day.

IEA estimates that Azerbaijan’s oil output stood at 0.70 in Q1,2021, 0.69 in Q2 2021 and 0.71 million barrels per day in Q3 and Q4 each.

Source: TREND News Agency