IEA assesses Azerbaijan’s compliance with OPEC +
August 22, 2021 12:15 p.m. (UTC + 04:00)
Azerbaijan’s oil supply (excluding condensate) stood at 0.61 million barrels per day in July 2021, unchanged from June 2021, Trend reports with reference to the International Energy Agency ( OUCH).
The country’s compliance with the OPEC + agreement in July 2021 was 114%, according to the IEA report.
The target for July, August and September 2021 is 0.62, 0.63 and 0.63 million barrels per day, respectively.
At the 19th meeting of ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, Azerbaijan supported the decision to extend the “Declaration of Cooperation” until end of 2022, which implies an increase in daily crude oil production of 400,000 barrels each month from August to December 2021 and a partial adjustment in the level of base oil production from May of next year.
The new “Declaration of Cooperation” foresees a corresponding increase in daily oil production in Azerbaijan from August to the end of the year, as well as a corresponding decrease in reduction obligations. From May 2022 until the end of the year, the calculation of Azerbaijan’s oil production obligations will continue on the basis of the existing basis, that is, the daily crude oil production of 718 000 barrels per day in October 2018 in our country will remain the basis for determining the level of production for next year.
Azerbaijan supported this new OPEC + decision, which will help balance the world oil market. The new agreement provides for a reduction from 5.8 million barrels in OPEC + countries to 2 million barrels by the end of 2021.
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