Baku, Azerbaijan, Oct.24
By Leman Zeynalova – Trend:
Azerbaijan’s oil production is expected to stand at 0.8 million barrels per day in 2017, according to the Regional Economic Outlook of the International Monetary Fund (IMF) on the Middle East and Central Asia.
The country’s oil output is expected to be 0.8 million barrels per day as of 2016, according to the report.
IMF said that the volume of oil production in Azerbaijan averaged 0.9 million barrels per day in 2009-2013 and stood at 0.8 million barrels per day in 2014 and 2015 each.
Azeri-Chirag-Gunashli block of offshore fields is giving the major part of the 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.
The country produced 41.69 million tons of oil and gas condensate in 2015, or 0.8 percent less than in 2014, according to the State Statistical Committee of Azerbaijan.
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