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EIA ups forecast for 2017 oil supply in Azerbaijan

Oil&Gas Materials 9 March 2017 11:35 (UTC +04:00)

Baku, Azerbaijan, March 9

By Leman Zeynalova – Trend:

The US Energy Information Administration (EIA) has revised up its forecast for oil supply in Azerbaijan in 2017.

The oil supply in the country is expected to stand at 0.80 million barrels per day (mbpd) in 2017 and 0.77 million barrels per day in 2018, according to the March Short-Term Energy Outlook (STEO) of EIA.

This is while in its February STEO, EIA forecasted the country’s oil production at 0.79 million barrels per day in 2017. Its forecast for 2018 has remained unchanged from the previous report.

Azerbaijan’s oil supply is forecast to stand at 0.81 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 0.77 mbpd and 0.75 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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