TODAY.AZ / Business

EIA grades Azerbaijan's oil production volume as stable

12 August 2020 [12:52] - TODAY.AZ

By Azernews


By Ayya Lmahamad

Azerbaijan’s forecast for 2020-2021 average daily oil production is stable according to the U.S. Energy Information Administration report released in August.

The agency forecasted 710,000 barrels of daily oil production in 2020, and 740,000 barrels of daily oil production in 2021, same as in July’s report forecast.

Moreover, according to the EIA’s Short-Term Energy Outlook report, average daily oil production in Azerbaijan was 770,000 and 690,000 barrels in the first and second quarters of 2020 respectively.

Furthermore, average daily oil production is projected to be 670,000 barrels in the third quarter and 700,000 barrels in the fourth quarter of 2020.

It should be noted that in the report released in July, the average daily oil production was forecasted to be 680,000 and 710,000 barrels in third and fourth quarter of 2020, respectively.

The EAI’s forecast for average daily oil production for 2021 did not changed, and amounts to 740,000 barrels.

As of May 1, 2020 Azerbaijan started reducing oil production within the framework of obligations under the new deal OPEC+, on reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.

At the meeting of OPEC and OPEC+ countries on June 6, it was decided to extend the quota by another month - until the end of July.

Azerbaijan is fulfilling its obligations under OPEC+ agreement. Thus, the average daily oil production in May amounted to 650,000 barrels, in June to 553,800 barrels and in July to 650,100 barrels.

URL: http://www.today.az/news/business/196243.html

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