BAKU, Azerbaijan, October 12. For 2022, liquids supply in Azerbaijan is forecast to grow marginally year-on-year to average 0.7 million barrels per day, down by 19,000 barrels per day because of lower-than-expected production in the major oil fields in August, Trend reports via OPEC.
OPEC report reveals that Azerbaijan's liquids production in August remained broadly unchanged month-on-month to average 0.7 million barrels per day, but was down by 52,000 barrels per day year-on-year.
“Crude production averaged 554,000 barrels per day, while NGL output averaged 137,000 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,” reads the report.
Azerbaijan supported the latest OPEC+ decision to reduce oil production by 2 million barrels per day from November 2022.