OPEC publishes forecast on Azerbaijan’s daily average liquid production for 2022

For 2022, liquids supply in Azerbaijan is forecast to grow by 24,000 b/d year-on-year to average 800,000 b/d, down by 15,000 b/d, because of lower-than-expected production in major oil fields in July and a downward revision for 2Q22, the OPEC Monthly Oil Market Report (MOMR) said.

Azerbaijan’s liquids supply for 2023 is forecast to decline by 60,000 b/d to an average of 700,000 b/d. The overall decline rate will be higher than planned ramp-ups in the three major producing fields.

According to OPEC, Azerbaijan’s liquids production in July rose by 26,000 b/d month-on-month to an average of 700,000 b/d and was down by 34,000 b/d year-on-year. Crude oil production decreased by 26,000 b/d month-on-month to average 550,000 b/d, while NGLs output averaged 150,000 b/d.

“No new projects are expected to come online in the country in 2022, though the main declines in legacy fields are expected to be offset by ramp-ups in other fields, such as Shah Deniz Phase 2 and Absheron,” OPEC said.