Baku, Azerbaijan, June 13
By Leman Zeynalova – Trend:
Overall, Azerbaijan’s oil supply is expected to contract by 60,000 barrels per day (tb/d) year-on-year to average 0.78 million barrels per day in 2017, OPEC said in its June Oil Market Report.
“Azerbaijan’s oil supply increased 40 tb/d month-on-month to average 0.80 million barrels per day in April. However, it remained lower year-on-year by 80 tb/d,” said the report.
The country’s oil production has been declining due to mature oil fields, as well as a heavy decline of more than 16 percent in the Azeri-Chirag-Gunashli offshore complex in the Caspian Sea, according to the cartel.
Earlier, Azerbaijan submitted the daily oil production data for May 2017 to the OPEC Joint Technical Committee (JTC) as part of implementation of the Vienna agreement to cut oil output.
In May, the daily oil production in Azerbaijan amounted to 785,300 barrels, 55,000 barrels of which accounted for condensate.
Moreover, 596,500 barrels of oil, 55,000 barrels of condensate and 12,200 barrels of petroleum products were exported daily in May.
In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017 and on May 25, 2017, it was extended by late 1Q18.
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