S&P projects oil production in Azerbaijan to rebound in 2022

S&P Global Ratings projects oil production in Azerbaijan to moderately rebound to 0.77 mbpd in 2022, Report informs, citing the Agency.

“Azerbaijan has been producing at about 10% below its OPEC+ quotas for the past few months, highlighting the production constraints at its oil fields as well as maintenance taking place at the main ACG oilfield. Nevertheless, as OPEC+ oil production cuts continue to moderate, we project oil production in Azerbaijan to moderately rebound to 0.77 mbpd in 2022, although over the medium term, we forecast oil production declining toward 0.75 mpbd by 2025. Sustaining or increasing it will require additional investments at the existing oil fields, and it is unclear whether those will take place,” the Agency said.