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Oil production in Azerbaijan collapses in August

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Oil production in Azerbaijan in August 2021 amounted to 596.1 thousand b/d against 606 thousand b/d in July, the message of the Ministry of Energy of Azerbaijan.

“In August 2021, daily production of oil with condensate in Azerbaijan amounted to 711.6 thousand barrels, of which 596.1 thousand barrels were used for oil production, 115.5 thousand barrels for condensate,” the ministry said.

According to the Ministry of Energy, as of August 2021, Azerbaijan’s oil production quota was 627 thousand bpd. Thus, Azerbaijan produced less than its quota by 30.9 thousand barrels per day or exceeded its oil production obligations under the OPEC + deal by 104.9%.

At the OPEC + ministerial meeting on July 18, 2021, the ministers decided to increase oil production monthly by 400 thousand bpd in order to complete oil production cuts at 5.8 million bpd in September 2022. 

It was also decided, with partial adjustments to base oil production levels from May 2022, to extend the “Declaration of Cooperation” until the end of 2022. In accordance with this decision, Azerbaijan received the opportunity to increase oil production by about 7 thousand b/d every month from August 2021.

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