OPEC reveals forecasts for oil output in Azerbaijan
Baku, Azerbaijan, Jan.18
By Leman Zeynalova - Trend:
Azerbaijan’s oil production is expected to decline by 0.04 million barrels per day to average 0.76 million barrels per day in 2018, according to OPEC’s January Oil Market Report.
A contraction of 0.04 million barrels per day is anticipated for Azerbaijan’s oil production in 2018, according to the report.
Earlier, Azerbaijan presented data on its daily oil production in December 2017 to the OPEC Joint Technical Committee as part of the Vienna Agreement.
According to the ministry, daily oil production stood at 810,000 barrels in December, of which 755,100 barrels accounted for crude oil and 54,900 barrels for condensate.
Meanwhile, 649,400 barrels of crude oil, 54,900 barrels of condensate and 20,100 barrels of oil products were exported per day.
Azerbaijan produced 793,900 barrels of oil per day in January, 776,400 barrels of oil per day in February, 733,300 barrels of oil per day in March, 781,100 barrels of oil per day in April, 785,300 barrels of oil per day in May, 793,700 barrels of oil per day in June, 796,700 barrels of oil per day in July, 734,800 barrels of oil per day in August, 785,700 barrels of oil per day in September, 800.600 barrels of oil per day in October and 790.700 barrels of oil per day in November, said the ministry.
OPEC and several other non-OPEC producers, including Azerbaijan have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November last year.
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