OPEC reduces forecast for oil production in Azerbaijan

The Organization of the Petroleum Exporting Countries (OPEC) forecasts that by 2020 the average daily oil and liquid hydrocarbon production in Azerbaijan will be 720,000 barrels.

Daily oil production in Azerbaijan will decrease by 70,000 barrels this year, which is the same as the previous forecast, Report says, citing OPEC report for September.

In August, daily hydrocarbon production increased by 30,000 barrels and accounted for an average of 700,000 barrels. In June, production fell by 20,000 barrels to an average of 680,000 barrels.

Crude oil production in August was 585,000 barrels, which is 99,000 lower than in April. Notably, in April, oil production amounted to 684,000 barrels in Azerbaijan. The figure was 573,000 barrels in May, 564,000 barrels in June, and 552,000 barrels in July.

 According to OPEC, in 2021, the country's daily production will decrease by 0.01 million barrels to 710,000 barrels.