Forecast: Azerbaijan’s daily crude oil production to grow


January 25, Fineko/abc.az. Rating agency S&P Global Ratings has published forecasts on the Azerbaijani oil.

ABC.AZ reports that at the 13th meeting the OPEC+ ministers made a decision to extend the current quotas on the daily crude oil production for February and March.

The reduction in the daily crude oil production by OPEC+ countries will be 7.125 million barrels in February and 7.5 million barrels in March.

Despite this, Azerbaijan's obligations on the production volume of 123,000 barrels for January 2021 will remain stable in February and March.

According to the Declaration on Cooperation, in the next two months Azerbaijan will increase the daily crude oil production by 8,000 barrels and maintain production at the level of 595,000 barrels.