Oil is falling: Is there reason to worry? |
In the first half of 2022, the average daily oil production in the Azeri-Chirag-Gunashli (ACG) field block was 424,000 barrels.
In this period 10 million tons of oil were produced
In the first 6 months of last year, daily oil production was 468,000 barrels. In other words, oil production in ACG decreased by more than 8 percent in 6 months.
Before that, it was predicted that daily oil production in the ACG will continue until 2025 at around 450,000 barrels. But this year oil production from ACG 20 it is likely that it will fall below one million tons (in 2021, 34.6 million tons of oil were produced in Azerbaijan).
In the last few years, the price of oil has increased approximately 3-4 times. Azerbaijan oil revenues have increased. But it’s been a few days since the oil prices started to fall. Currently Azerbaijan The price of oil fell to 97 dollars per barrel.
In the last few years, the price of oil has increased approximately 3-4 times. Azerbaijan oil revenues have increased. But it’s been a few days since the oil prices started to fall. Currently Azerbaijan The price of oil fell to 97 dollars per barrel.
If oil prices continue to fall, this Azerbaijan How will it affect your income? In the event that the country exports mainly oil and gas.
Production end 10 decreased by 30 percent per year
According to the statement of the international rating agency “S&P Global Ratings”, in the last few months, production in Azerbaijan has fallen below the quota established in the framework of the Organization of the Petroleum Exporting Countries (OPEC).
The rating agency notes that existing oil fields are aging and oil production continues to decline:
“2010– During 2021, the volume of oil production in Azerbaijan has decreased by 30 percent.
From the Ministry of EnergyTuranThe Information Agency was told that in 2022 january– 16.5 million tons of oil with condensate were produced in Azerbaijan in June:
“This is 0.7 million tons or 4 percent less than the same period in 2021. Of the 16.5 million tons of oil produced in the country in the first half of 2022, 10.4 million tons will be produced by “Azeri-Chirag-Guneshli”, 2.2 million tons by “Shahdeniz”, 3.9 million tons SOCARof (Azerbaijan State Oil Company) fell to its share.
There is an increase in “Shah Deniz”.
The ministry noted that compared to the same period last year, the oil extracted from “Azeri-Chirag-Guneshli” decreased by 8.8 percent:
“Condensate oil extracted from Shahdeniz increased by 0.3 million tons or approximately 16 percent. SOCAR“The volume of oil produced by