Baku, Azerbaijan, Feb. 12
By Leman Zeynalova – Trend:
Azerbaijan’s oil production is expected to decline by 0.04 million barrels per day (mb/d) to average 0.76 million barrels per day in 2018, according to OPEC’s February Oil Market Report.
“A contraction of 0.05 mb/d and 0.04 mb/d is forecast for Azerbaijan’s liquids supply in 2017 and 2018, to average 0.80 mb/d and 0.76 mb/d, respectively,” said the report.
Azerbaijan is estimated to produce an average of 0.73 mb/d of crude oil and 0.07 mb/d of natural gas liquids (NGLs) in 2017, according to the cartel.
OPEC estimates that in Azerbaijan, crude oil production in December increased by 19,000 b/d month-on-month, most probably from Azerbaijan International Operating Company’s Azeri-Chirag-Guneshli (ACG) complex, to average 0.74 mb/d, the same level of January 2017, higher by 13,000 b/d, year-on-year.
Azerbaijan presented data on its daily oil production in January 2018 to the OPEC Joint Technical Committee as part of the Vienna Agreement.
Daily oil production stood at 814,600 barrels in January, of which 759,700 barrels accounted for crude oil and 54,900 barrels for condensate.
Meanwhile, 624,200 barrels of crude oil, 54,900 barrels of condensate and 14,300 barrels of oil products were exported per day.
Azerbaijan’s average daily oil production stood at 781,900 barrels in 2017 under the OPEC agreement to curb daily crude output by 834,000 barrels.
OPEC Joint Technical Committee was created to monitor the implementation of countries’ commitments to cut oil production.
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 2016.
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