OPEC announces forecast on Azerbaijan’s oil production in 2022

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Azerbaijan’s daily production of oil and another liquid hydrocarbon will make up 750,000 barrels this year, down 20,000 barrels from the previous forecast, Report informs, citing OPEC.

The reason for the cut of the forecast is the expected decline in the production of Natural Gas Liquids (NGLs) in the second half of 2021.

The production of oil and other liquid hydrocarbon is expected to be 820,000 barrels in 2022, which is 20,000 barrels more than the previous forecast.

In June, the production of liquid hydrocarbons increased by 0.01 million barrels on average to 0.73 barrels a day, showing a 0.05 million barrels increase compared to a year earlier.

In the first half of 2021, the average daily production of NGLs made up 154,000 barrels, up 39,000 barrels from a year earlier.

Production of Natural Gas Liquide (NGL) was 122,000 barrels a day, up 11,000 barrels from a month earlier. In the first half of the year, the NGL production stood at 154,000 barrels a day, 32,000 barrels more than a year ago.

The daily oil production was 0.59 million barrels in the reporting period, demonstrating a 0.05 million barrels decline compared to a year earlier.


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