OPEC lowers Azerbaijan's liquids supply forecast for 2022

For 2022, liquids supply in Azerbaijan is estimated to decline marginally by 6 thousand bpd (barrels per day) year-on-year to average 700 thousand bpd, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report.

"Azerbaijan's liquids production in September increased m-o-m by a minor 5 thousand bpd to average 700 thousand bpd, but this was down by 38 thousand bpd year-on-year. Crude production averaged 558 thousand bpd, while NGLs output averaged 138 thousand bpd, according to official sources.

This has been revised down by 10 thousand bpd because of lower-than-expected production in major oil fields in the 3rd quarter of 2022," OPEC said.

According to the Organization, Azerbaijan's liquids supply for 2023 is forecast to rise by 49 thousand bpd to an average 800 thousand bpd, according to the voluntary production adjustments agreed on at the 33rd OPEC and non-OPEC Ministerial Meeting. Growth is forecast to come from the Shah Deniz and Absheron condensate projects and the Azeri Central East project.