Baku, Azerbaijan, May 14
By Leman Zeynalova – Trend:
Liquid supply in Azerbaijan for the year 2018, following a contraction of 0.05 million barrels per day (mb/d) in 2017, is forecast to see a further decline by 30,000 b/d to average 0.76 mb/d, which represents a contraction of 0.03 mb/d year-on-year, OPEC said in its Monthly Oil Market Report for May.
This is while in its previous report OPEC said that Azerbaijan’s oil production is expected to decline by 0.03 million barrels per day (mb/d) year-on-year to average 0.77 million barrels per day in 2018.
In March, Azerbaijan’s crude oil production decreased by 12,000 b/d month-on-month to average 0.72 mb/d, said the report.
“Azerbaijan’s liquids supply, including output of natural gas liquids (NGLs) of 0.08 mb/d, reached 0.80 mb/d, which is 0.01 mb/d lower month-on-month, although it was higher by 0.04 mb/d year-on-year. Preliminary liquids output in 1Q18 was pegged at 0.80 mb/d, down by 0.01 mb/d quarter-on-quarter, but up by 0.01 mb/d year-on-year,” said OPEC.
Azerbaijan presented data on its daily oil production in April 2018 to the OPEC Joint Technical Committee as part of the Vienna Agreement.
Daily oil production stood at 785,700 barrels in April 2018, of which 755,700 barrels accounted for crude oil and 30,000 barrels for condensate.
Meanwhile, 623,600 barrels of crude oil, 30,000 barrels of condensate and 21,700 barrels of oil products were exported per day.
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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