OPEC increases liquid hydrocarbon production forecast in Azerbaijan in 2022-2023

In 2022, the supply of liquid hydrocarbons in Azerbaijan will increase slightly compared to last year and will average 700,000 barrels per day, Report informs referring to the Organization of the Petroleum Exporting Countries (OPEC).

This forecast is 19,000 barrels per day less due to lower-than-expected production at major oil fields in August.

Liquids supply in Azerbaijan is projected to increase by 49,000 bpd in 2023, averaging 800,000 bpd, in line with voluntary production levels agreed at the 33rd OPEC and non-OPEC ministerial meeting.

“The production of liquid hydrocarbons in Azerbaijan in August remained virtually unchanged compared to the previous month, averaging 700,000 barrels per day, and decreased by 52,000 barrels per day on an annualized basis. According to official sources, crude oil production averaged 554,000 barrels per day, while production at the Shah Deniz field averaged 137,000 barrels per day,” the report says.

According to OPEC, no new projects are expected to be launched in the country in 2022, although it is expected that the main decline in old fields will be offset by an increase in production at other fields, such as Shah Deniz-2 and Absheron.