OPEC+ Discusses Possible Delay in Oil Production Increase
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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The State Oil Company of Azerbaijan (SOCAR) is launching the Leucipa monitoring program for the first time in the Caspian region to enhance production efficiency in the oil and gas industry, KOKAR reported. “SOCAR is implementing an innovative digital solution – the Leucipa monitoring program – to optimize processes and improve extraction efficiency. This initiative is part of a strategic collaboration with Baker Hughes. This project is a key part of SOCAR’s digital transformation strategy,” the company’s statement said.
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The daily oil production, including condensate, in Azerbaijan in January amounted to 74.5 thousand tons (559 thousand barrels). Of this volume, oil accounted for 61.7 thousand tons (454 thousand barrels per day), and condensate – 12.8 thousand tons (105 thousand barrels per day), the press service of Azerbaijan’s Ministry of Energy. Thus, Azerbaijan used 82.4% of its OPEC quota in January.
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In January 2025, Azerbaijan exported a total of 2 bcm of natural gas. Compared to January of the previous year, export volumes decreased by 300 mcm, the website of Azerbaijan’s Ministry of Energy. According to the ministry’s data, during the reporting period, Azerbaijan’s gas exports to Europe amounted to 1 bcm (a decrease of 100 mcm.)
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In January 2025, Azerbaijan exported 2 million tons of oil and condensate to foreign markets. The export volumes of liquid hydrocarbons from Azerbaijan decreased by 100 thousand tons, the website of Azerbaijan’s Ministry of Energy.
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