OPEC+ Discusses Possible Delay in Oil Production Increase
Key OPEC+ countries have begun discussions about the potential delay of the planned oil production increase, which was scheduled for January. This delay could last several months, according to Bloomberg.
It is noteworthy that eight OPEC+ countries (Algeria, Iraq, Saudi Arabia, Kuwait, UAE, Kazakhstan, Russia, and Oman) have already postponed the gradual monthly return to the market (by 180-200 thousand barrels per day) of a 2.2 million barrels per day production cut twice.
According to Bloomberg, these countries are uncertain whether the market conditions allow for an increase in production starting in January, and may delay this plan for a few months.
The OPEC+ ministerial monitoring committee meeting and the OPEC+ ministerial meeting are scheduled for December 5.
Energy
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On December 11, 2024, the President of Azerbaijan, Ilham Aliyev, approved a law on the adoption, approval, and authorization for the implementation of the "Second Appendix to the Agreement of September 14, 2017, on the joint development and shared production of oil from the 'Azeri,' 'Chirag,' and deep-water part of the 'Guneshli' fields (ACG) in the Azerbaijani sector of the Caspian Sea," the official website of the President of Azerbaijan. According to the document, the amendments to the ACG contract now include the development of previously untapped natural gas and liquid hydrocarbons within the geographical boundaries of the ACG contractual territory.
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According to operational data, Azerbaijan produced 26.5 million tons of oil (including condensate) from January to November 2024, the monthly report from the Ministry of Energy of the Republic of Azerbaijan. For comparison, in the same period last year, Azerbaijan produced 27.6 million tons of liquid hydrocarbons. Thus, production volumes in the country decreased by 1.1 million tons during the reported period.
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From January to November 2024, Azerbaijan produced 45.8 bcm of gas (including volumes injected into oil wells). This represents an increase of 1.8 bcm compared to the same period last year.
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Azerbaijan is currently selecting a company to build the country's first industrial battery energy storage system, Deputy Minister of Energy, Elnur Soltanov, told journalists. The state-owned company "Azerenerji" is conducting the necessary work to integrate renewable energy sources with a total capacity of around 2 GW into Azerbaijan's energy system. Currently, eight renewable energy projects with a total capacity of approximately 2 GW are underway in the country. To integrate these capacities into the energy system, the system operator "Azerenerji" is implementing innovations and modernizing the infrastructure, Soltanov noted.
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