Baku, Azerbaijan, Feb.8
By Leman Zeynalova – Trend:
The US Energy Information Administration (EIA) has revised down its forecasts for Azerbaijan’s oil supply volume in 2017 and 2018.
The oil supply in Azerbaijan is expected to stand at 0.79 million barrels per day (mbpd) in 2017 and 0.77 million barrels per day in 2018, according to the February Short-Term Energy Outlook (STEO) of EIA.
This is while in its January STEO, EIA forecasted the country’s oil production at 0.83 million barrels per day in 2017 and 0.82 million barrels per day in 2018.
Azerbaijan’s oil supply is forecast to stand at 0.80 million barrels per day in the first and second quarters of 2017 each, as compared to 0.79 mbpd and 0.77 mbpd in the third and fourth quarters of 2017, respectively.
EIA expects the oil supply in the country to be 0.79 mbpd and 0.78 mbpd in the first and second quarters of 2018, respectively.
The oil output in Azerbaijan is forecasted to stand at 0.76 mbpd and 0.74 mbpd in the third and fourth quarters of 2018, respectively, according to EIA.
Azeri-Chirag-Gunashli block of offshore fields gives the major part of oil produced in Azerbaijan. Azerbaijani Light oil is produced at that block.
Azerbaijan’s proven oil reserves stood at 7 billion barrels as of early 2015, according to BP.
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