OPEC reveals forecasts for oil production in Azerbaijan
Baku, Azerbaijan, Sept.12
By Leman Zeynalova – Trend:
Azerbaijan’s oil supply for 2017 will decline by 0.06 million barrels per day (b/d) year-on-year, OPEC said in its Monthly Oil Market Report.
Oil production in Azerbaijan is expected to average 0.79 million b/d in 2017, according to the cartel’s forecasts.
The country’s oil supply is expected to decline by 0.05 million b/d y-o-y to average 0.74 million b/d in 2018.
The country’s oil production averaged 0.82 million b/d in July, almost the same as in June, but lower by 42,000 b/d y-o-y, said OPEC.
Azerbaijan averaged an oil supply output of 803,000 b/d in last seven months of 2017 and oil output in 2Q17 was pegged at 0.81 million b/d, lower by 70,000 b/d y-o-y, said the cartel.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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