IMF discloses oil production forecast for Azerbaijan

Oil&Gas Materials 6 November 2018 20:17 (UTC +04:00)

Baku, Azerbaijan, Nov. 6

By Taleh Mursagulov – Trend:

Oil production in Azerbaijan in 2019 is expected to reach 0.78 million barrels per day, according to the International Monetary Fund (IMF) report "Regional Economic Outlook: Middle East and Central Asia November 2018".

Oil production in the country in 2018 will be 0.79 million barrels per day, the report says.

Moreover, gas production in 2018 is projected at 0.41 million barrels of oil equivalent, while in 2019 - at 0.54 million barrels of oil equivalent.

In January-September 2018, almost 29 million tons of oil and gas condensate were produced in Azerbaijan, the State Statistics Committee said.

Commercial gas production amounted to 13.8 billion cubic meters (a 2.4 percent increase for the year) in the country in January-September 2018.

The main volume of oil produced in Azerbaijan accounts for the Azeri-Chirag-Gunashli block of oil and gas fields. Azeri Light oil is extracted there.