OPEC raises forecast on Azerbaijan’s oil production

The Organization of the Petroleum Exporting Countries (OPEC) has increased its forecast for the average daily production of oil and other liquid hydrocarbons in Azerbaijan for 2021 and 2022 by 0.04 and 0.03 million barrels, respectively, Report informs, citing the organization's July report.

According to the document, liquid hydrocarbon production in Azerbaijan is expected to be 0.77 million barrels per day and 0.80 million barrels per day in the coming years, respectively.

The paper states that gas condensate production in Azerbaijan fell from 0.19 million barrels per day to 0.13 million barrels in the second quarter of 2021, compared to the first quarter of this year.

In May of this year, liquid hydrocarbons production in Azerbaijan rose by 9 tons to 0.72 million barrels per day. Annual production increased by 0.02 million barrels.

Moreover, crude oil production in Azerbaijan increased by 0.01 million barrels in May compared to April and reached 0.59 million barrels.

Thus, the average daily production of natural gas and condensate in the gas condensate fields in the Azerbaijani sector of the Caspian Sea remained unchanged at 0.13 million barrels.

Notably, in June this year, the country's daily oil production (including condensate) was 705,100 barrels. Of this, 610,000 barrels were crude oil, and 95,100 barrels was condensate.

Within the agreements reached at the relevant meetings of OPEC plus ministers, the average daily crude oil production in the country made 610,000 barrels in June and 620,000 barrels in July.