BAKU, Azerbaijan, July 13. For 2022, liquids supply in Azerbaijan is forecast to grow by 47,000 barrels per day year-on-year to average 0.8 mb/d, Trend reports with reference to OPEC.
OPEC said in its latest report that Azerbaijan’s liquids production in May declined by a minor 8,000 barrels per day month-on-month to average 0.7 million barrels per day, but was up by 34,000 barrels per day year-on-year.
“Crude production decreased by 8,000 barrels per day month-on-month to average 571,000 barrels per day, according to official sources. No new projects are expected to come online in the country in 2022, and the main declines in the legacy fields are expected to be offset by ramp-ups in other fields, such as Shah Deniz Phase 2. Azerbaijan’s liquids production is expected to increase in June 2022 to average 0.8 mb/d, according to preliminary data,” reads the report.
In accordance with the decision taken at the 27th meeting of the ministers of the OPEC + countries, Azerbaijan committed itself to cut oil production by 30,000 barrels in May. The country's oil production quota in May was 688,000 barrels or 7,000 barrels more month-on-month.
At the 28th Ministerial Meeting of OPEC and non-OPEC countries, Azerbaijan also supported the decision to increase daily oil production by 432,000 barrels in June.