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OPEC reveals forecasts for Azerbaijan’s 2018 oil output

Oil&Gas Materials 12 July 2017 17:55

Baku, Azerbaijan, July 12

By Leman Zeynalova - Trend:

Crude oil production in Azerbaijan is expected to see a contraction of 60,000 barrels per day in 2017 and 50,000 barrels per day in 2018, OPEC said in its July Oil Market Report.

“In Azerbaijan, due to a lack of new project start-ups, the annual oil production decline, which witnessed in 2017 will likely continue at more or less the same level of around 50,000-60,000 b/d, to average 0.74 million b/d. It is estimated that the country’s oil supply will decline by 60,000 b/d, to average 0.79 million b/d,” said the report.

Earlier, Azerbaijan submitted the daily oil production data for June 2017 to the OPEC Joint Technical Committee (JTC) as part of implementation of the Vienna agreement to cut oil output.

In June, the daily oil production in Azerbaijan amounted to 793,700 barrels, 55,000 barrels of which accounted for condensate.

Moreover, 624,100 barrels of oil, 55,000 barrels of condensate and 21,400 barrels of petroleum products were exported daily in June.

The Joint Technical Committee was created January 22 under the OPEC Monitoring Committee, designed to monitor the implementation of countries’ obligations to cut oil production.

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 1Q2018.

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