OPEC reveals forecasts for Azerbaijan’s oil output
Baku, Azerbaijan, Oct.12
By Leman Zeynalova – Trend:
Azerbaijan’s oil supply in 2018 is expected to stand at 0.80 million barrels per day (mb/d), according to the Oil Market Report, released by OPEC.
Azerbaijan’s liquids output in August remained unchanged m-o-m at average 0.79 mb/d, but production in September is estimated to rise to 0.80 mb/d, according to preliminary production data, said the cartel.
Crude oil output from the ACG complex (Azeri-Chirag-Guneshli fields) offshore Azerbaijan rose slightly during the first half of the year to 596,000 b/d, said OPEC.
“Annual declines in the Chirag and deepwater Guneshli fields have been compensated by growth in the Azeri field. Azerbaijan’s liquids production averaged 0.80 mb/d in the first eight months of 2018, which indicates a stagnant output y-o-y.”
For 2019, oil production in Azerbaijan is forecast to decrease further by 0.01 mb/d to average 0.79 mb/d, according to OPEC.
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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