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Azerbaijan’s 2017 oil output forecast in line with OPEC cut

Oil&Gas Materials 13 December 2016 14:54

Baku, Azerbaijan, Dec. 13

By Maksim Tsurkov – Trend:

Azerbaijan’s oil output forecast for 2017 is in line with the agreement on oil output cut that was reached by OPEC and non-OPEC countries on Dec. 10 in Vienna, the country’s Energy Ministry told Trend Dec. 13.

“Average daily oil output in Azerbaijan, taking into account the Vienna agreement, will be 800,000-807,000 barrels in 2017, while this volume is 842,000 barrels this year,” said the ministry. “In general, the expected cut in production in line with OPEC decision was taken into account in forecasts and in the draft state budget for 2017.”

The Azerbaijani government forecasts oil output at about 39.797 million tons in 2017, that is, 3.7 percent less than in 2016.

The ministry also said the forecast on gas output remained unchanged. Gas output is expected at 28.39 billion cubic meters in Azerbaijan in 2017, that is, 2.9 percent less than in 2016.

During the meeting held in Vienna Dec. 10, non-OPEC countries agreed to cut the oil output by 558,000 barrels per day.

Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan – agreed to reduce the oil output.

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Follow the author on Twitter: @MaksimTsurkov

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