Baku, Azerbaijan, Nov.13
By Leman Zeynalova - Trend:
Azerbaijan’s liquids supply for 2018 is expected to stand at 0.80 million barrels per day (mb/d), while for 2019, this figure is forecast to decrease further by 0.01 mb/d to average 0.79 mb/d, OPEC said in its Monthly Oil Market Report for November.
“Azerbaijan’s liquids output increased by 0.02 mb/d month-on-month to average 0.81 mb/d in September, following an increase of condensate production in the Shah Deniz offshore gas field in the Caspian,” said the report.
Liquids supply in October is expected to rise to 0.82 mb/d, according to preliminary production data.
“However, liquids supply is likely to drop in November mainly due to reduced crude oil output coming from the planned maintenance in the ACG offshore complex (Azeri-Chirag-Guneshli fields),” said the cartel.
OPEC estimates that crude oil output in September increased by 9,000 b/d to average 719,000 b/d while natural gas liquids (NGLs) production was up by 13,000 b/d to average 93,000 b/d, higher by 16,000 b/d, year-on-year.
Azerbaijan’s liquids production averaged 0.80 mb/d in the first nine months of 2018, indicating stagnant output year-on-year, according to the report.
Earlier, Azerbaijan presented data on its daily oil production in October 2018 to the OPEC Joint Technical Committee as part of the Vienna Agreement.
Daily oil production stood at 783,000 barrels in October 2018, of which 717,000 barrels accounted for crude oil and 66,000 barrels for condensate, while 599,000 barrels of crude oil, 71,000 barrels of condensate and 4,000 barrels of oil products were exported.
In January 2018, daily oil production stood at 814,600 barrels, in February 2018 – at 806,000 barrels, in March – 794,000 barrels, in April – 785,700 barrels, in May – 801,000 barrels, in June – 792,000 barrels, in July – 773,000 barrels and in August – 774,000 barrels of oil per day.
In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC 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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