The S&P Global Ratings international rating agency forecasts that the daily oil production in Azerbaijan will decrease by 15% this year, APA-Economics reports citing S&P agency.
The decline dynamics is connected with fulfillment by Azerbaijan of the obligations in the framework of the OPEC+ (oil production reduction initiative involving OPEC and non-OPEC countries) agreement.
The report says last year, the daily oil production in Azerbaijan made up 713 thousand barrels.
According to the forecast, it is expected that the return of the oil production in Azerbaijan to the level of 2019 will take place after April of 2022 (after suspension of reduction of oil production in the framework of OPEC+ agreement).
The issuance of such a forecast is explained by the uncertainties existing in the area of the dynamics of the global demand for oil and the return of Azerbaijan to the previous oil production volumes (how soon it will be able to return to those volumes – editor’s note).