The Organization of Petroleum Exporting Countries (OPEC) has decreased its forecast on Azerbaijan's daily average oil and other liquid hydrocarbon production for 2021, APA-Economics reports citing OPEC's monthly report.
According to the report, Azerbaijan's daily average oil and other liquid hydrocarbon production for 2021 is expected to be 750 thousand barrels, which is 20 thousand barrels less than the previous forecast (the previous forecast was 770 thousand barrels). An expected decrease in the production of gas condensate in the second half of the year is shown as a reason for the decline of outlook.
According to OPEC's forecast, the mentioned indicator is expected to be 820 thousand barrels in 2022, which is 20 thousand barrels more as compared to the previous forecast.
It has been noted that Azerbaijan's daily average oil and other liquid hydrocarbon production was 730 thousand barrels in 2020, which is 60 thousand barrels less in comparison with the indicator of 2019.
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