OPEC did not change its forecast on oil production in Azerbaijan for this year


August 12, Fineko/abc.az. The next year, the average daily production of oil and other liquid hydrocarbons in Azerbaijan will be at the level of 0.72 million barrels

ABC.AZ reports citing the monthly report of the Organization of Petroleum Exporting Countries (OPEC) that the average daily oil production in the country in 2020 will be 0.72 million barrels (this corresponds with the forecast given in June).

The report says in May of this year, the daily oil production in Azerbaijan decreased by 112,000 barrels and made up 0.57 million barrels. Meanwhile, in June, this indicator decreased further by 0.02 million barrels and made up 0.55 million barrels. And it did not change in July as well, made up 0.55 million barrels.

The agreement adopted on 12 April at the 10th meeting of OPEC+ Ministers provides for a reduction in daily crude oil production in May and June by 9.7 million barrels, and in Azerbaijan by 164,000 barrels. At the 11th meeting of Ministers of OPEC and non-OPEC countries, held on June 6, it was decided to extend the term of these quotas for another month - until the end of July.