Baku, Azerbaijan, May 13
By Elena Kosolapova - Trend:
Azerbaijan's oil production was 0.84 million barrels per day in March 2016, which is by 10,000 and 20,000 barrels per day less than in January and February, respectively, OPEC Monthly Oil Market Report for May 2016 said.
An average oil supply of 0.85 million barrels per day was registered in Azerbaijan in 1Q2016, said the report.
The report also said that an average annual output is expected to decline by 40,000 barrels per day - to 0.82 million barrels per day. The forecast has remained unchanged compared to OPEC's previous forecasts for 2016.
The main volume of oil produced in Azerbaijan is accounted for the Azeri-Chirag-Guneshli block of oil and gas fields. Azerbaijan's Azeri Light oil is produced at this block.
Azerbaijan's proven oil reserves were estimated at seven billion barrels at the beginning of 2015, according to BP.
Azerbaijan produced 41.69 million tons of oil and gas condensate in 2015 that is by 0.8 percent less than in 2014, according to Azerbaijan's State Statistics Committee.
Edited by SI
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