OPEC releases report on Azerbaijan’s oil output and export

Azerbaijan extracted 611,700 barrels of crude oil per day in 2020, according to the annual statistical bulletin of the Organization of the Petroleum Exporting Countries (OPEC), Report says.

According to the report, this is 9.9% less than daily oil output in 2019.

In total, 69,093 million barrels of crude oil were extracted worldwide in 2020, which is 8.2% less than in 2019.

At the same time, in 2020, Azerbaijan exported 500,300 barrels of crude oil to the world market. According to the report, this is 10.5% less than oil exports in 2019. In general, 41,988 million barrels of crude oil were exported worldwide in 2020, which is 7.2% less than in 2019.

In addition, according to OPEC’s annual statistical bulletin, by the end of 2020, Azerbaijan’s proven oil reserves amounted to seven billion barrels. This is the same as at the end of 2019. The report says that the world has a total of 1.548 trillion barrels of oil reserves, which is 0.2% more than in 2019.