OPEC revises down Azerbaijan’s 2017 oil supply forecast
Baku, Azerbaijan, March 14
By Leman Zeynalova - Trend:
Azerbaijan’s production supply in 2017 was revised down by 28,000 barrels per day, OPEC said in its March Oil Market Report.
“The annual oil supply in Azerbaijan is expected to contract by 70,000 barrels per day to average 0.78 million barrels per day in 2017, following a minor decline of 10,000 barrels per day in 2016,” said the report.
This is while in its February report, OPEC forecasted the country’s oil output to contract by 40,000 barrels per day to average 0.81 million barrels per day in 2017.
Earlier, Azerbaijan submitted the daily oil production data for February 2017 to the OPEC Joint Technical Committee (JTC) as part of implementation of the Vienna agreement to cap oil output.
In February, the daily oil production in Azerbaijan amounted to 776,400 barrels, 50,000 barrels of which accounted for condensate.
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, with the possibility of extension.
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