EIA forecasts stable oil production in Azerbaijan for 2021-2022

In January, 2021 Azerbaijan increased daily oil production by 8,000 barrels and kept production at the level of 595,000 barrels.

The U.S. Energy Information Administration (EIA) has forecasted a stable level of daily oil production for Azerbaijan for 2021-2022.

In its February report, EIA forecasted:

• 730,000 barrels of daily (bbl/d) oil production in 2021;
• 780,000 bbl/d oil production in 2022.

Moreover, according to the EIA’s Short-Term Energy Outlook report:

• Average daily oil production in Azerbaijan is projected to be 700,000 bbl/d in the 1st quarter of 2021.

Furthermore, average daily oil production was at the level of 710,000 bbl/d in 2020.

Thus, average daily oil production in Azerbaijan was 770,000, 700,000, 670,000 and 690,000 bbl/d in the 1st, 2nd, 3rd and 4th quarters of 2020 respectively.

At the 12th Ministerial Meeting of OPEC+, it was decided to reduce the daily production of crude oil by 7.2 million bbl/d in January 2021 and to regulate the increase in daily production provided, that it does not exceed 0.5 million bbl/d, through monthly OPEC+ Ministerial Meetings.

Azerbaijan’s commitment, according to the new «Declaration on Cooperation», was 123,000 barrels in January 2021.

Thus, in January, Azerbaijan has to increase daily oil production by 8,000 bbl/d and keep production at the level of 595,000 barrels.

Additionally, at the 13th Ministerial Meeting of the OPEC+ countries on January 5, 2021 it was decided to continue the existing quotas on daily crude oil production in February-March.

Thus, Azerbaijan has the same commitments as in January for February-March.

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