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OPEC did not change its forecast on Azerbaijan's proven oil reserves

29 June 2022 13:22 (UTC +04:00)

The Organization of the Petroleum Exporting Countries (OPEC) has not changed its assessment of Azerbaijan's proven oil reserves, APA-Economics reports citing OPEC's annual statistical bulletin.

By the end of 2021, Azerbaijan's proven oil reserves amounted to 7 billion cubic meters. barrels (about 1 billion tons), which is equal to 2020.

According to the bulletin, last year's global proven oil reserves accounted for 1.545 trillion barrels, which decreased by 0.02% compared to the end of 2020.

Notably, the main share of Azerbaijan's proven oil reserves falls on the Azeri-Chirag-Guneshli (ACG) oil and gas block in the Caspian Sea. The ACG project is implemented jointly with foreign companies.