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.
https://apa.az/en/energy-and-industry/opec-did-not-change-its-forecast-on-azerbaijans-proven-oil-reserves-379689/