İn its February report, EIA forecasted:
- 730,000 barrels of daily (bbl/d) oil production in 2021
- 780,000 bbl/d oil production in 2022
- Average daily oil production in Azerbaijan is projected to be 700,000 bbl/d in the 1st quarter of 2021
Thus, average daily oil production in Azerbaijan was 770,000, 700,000, 670,000 and 690,000 bbl/d in the 1st, 2nd, 3rd and 4th quarters of 2020 respectively.
At the 12th Ministerial Meeting of OPEC+, it was decided to reduce the daily production of crude oil by 7.2 million bbl/d in January 2021 and to regulate the increase in daily production provided, that it does not exceed 0.5 million bbl/d, through monthly OPEC+ Ministerial Meetings.
Azerbaijan’s commitment, according to the new «Declaration on Cooperation», was 123,000 barrels in January 2021.
Thus, in January, Azerbaijan has to increase daily oil production by 8,000 bbl/d and keep production at the level of 595,000 barrels.
Additionally, at the 13th Ministerial Meeting of the OPEC+ countries on January 5, 2021 it was decided to continue the existing quotas on daily crude oil production in February-March.
Thus, Azerbaijan has the same commitments as in January for February-March.