Baku, Azerbaijan, June 12
By Leman Zeynalova – Trend:
Azerbaijan’s oil output is expected to decline by 30,000 barrels per day in 2018, OPEC said in its June Oil Market Report.
The average daily oil production in Azerbaijan in 2018 is expected to stand at 0.78 million barrels per day, according to the cartel.
Thus, OPEC has revised up the forecasts for crude production in Azerbaijan from an average of 0.76 million barrels per day in its May report.
In April, Azerbaijan’s crude oil production decreased by 8,000 barrels per day month-on-month to average 0.72 million barrels per day, according to OPEC estimates.
“Oil production in Azerbaijan is in decline, which may be partially compensated for by the ramp-up of condensate production at the offshore Shah Deniz field,” said the report.
More than half a million barrels of oil production in Azerbaijan are being produced from the Azeri-Chirag-Guneshli (ACG) complex in the Caspian Sea, said the cartel.
Earlier, Azerbaijan presented data on its daily oil production in May 2018 to the OPEC Joint Technical Committee as part of the Vienna Agreement.
Daily oil production stood at 801,000 barrels in May 2018, of which 748,700 barrels accounted for crude oil and 53,000 barrels - for condensate.
In January 2018, daily oil production stood at 814,600 barrels, in February 2018 – at 806,000 barrels and in March - 794,000 barrels, and in April – 785,700 barrels of oil per day.
In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.
At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.
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