Politics

OPEC announces its forecast on Azerbaijan’s oil production 

OPEC has increased its projections on the production of oil and liquid hydrocarbon in Azerbaijan in 2021 by 0.06 million barrels to 0.79 million barrels, up 0.03 million barrels from the indicator of May.

Azerbaijan’s liquids supply in April was slightly up month-on-month by 0.01 mb/d to 0.77 mb/d. It is expected to have seen further expansion of another ten tb/d.
If so, the 2Q21 will see growth by 0.01 mb/d q-o-q to average 0.78 mb/d. Condensate and NGLs output from gas-condensate offshore fields is forecast to have remained flat at 0.18 mb/d in April and May.

In May, Azerbaijan’s oil production (including condensate) made up 674,000 barrels. Of this, 586,000 barrels were crude oil, 88,000 barrels – condensate.

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