OPEC reveals forecasts for Azerbaijan’s oil output
Baku, Azerbaijan, Aug.13
By Leman Zeynalova – Trend:
Azerbaijan is expected to produce on average 0.79 million barrels of oil per day in 2018, OPEC said in its August Oil Market Report.
“Oil supply in 2018 is expected to decline by a minor 0.01 million barrels per day to average 0.79 million barrels per day,” said the report.
For 2019, oil production in Azerbaijan is forecast to decline by 0.02 million barrels per day to average 0.77 million barrels per day, said OPEC.
“Crude oil figures based on direct communication showed a decline in June of 9,000 barrels per day to average 728,000 barrels per day, lower by 9,000 barrels per day, year-on-year,” said the report.
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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