Baku, Azerbaijan, March 14
By Leman Zeynalova – Trend:
Azerbaijan’s liquids output increased by a minor 5,000 barrels per day month-on-month to average 0.81 million barrels per day (mb/d) in January, including 0.71 mb/d of crude oil and 0.10 mb/d of natural gas liquids (mainly field condensate), Trend informs with reference to OPEC Monthly Oil Market Report (MOMR).
Recent growth in condensate produced at the Shah Deniz complex is offsetting continuous declines at the Azeri-Chirag-Gunehsli (ACG) complex, Azerbaijan’s largest field, according to the cartel.
OPEC believes that for 2019, liquids production in Azerbaijan is forecast to remain unchanged or with a minor year-on-year contraction of 0.01 mb/d, representing an annual production at 0.80 mb/d.
“However, heavy year-on-year decline in production is anticipated due to potential maintenance on two platforms at the ACG complex across 2019 according to BP. Azerbaijan’s oil supply in 2018 was stagnant year-on-year at 0.80 mb/d,” reads the report.
Azerbaijan has submitted data on the country's daily oil production for February 2019 to the Joint Technical Commission (JTC) of the OPEC monitoring committee.
The daily oil production in Azerbaijan amounted to 806,000 barrels last month, including 722,000 barrels of petroleum, and 84,000 barrels of condensate.
About 572,900 barrels of petroleum, 84,000 barrels of condensate and 18,000 barrels of oil products were exported daily.
The average daily oil production made up 793,000 barrels in January, and 792,600 barrels last year.
In particular, Azerbaijan produced an average of 814,600 barrels per day in January 2018, 806,000 barrels in February, 794,000 barrels in March, 785,700 barrels in April, 801,000 barrels in May, 792,000 barrels in June, 773,000 barrels in July, 774,000 barrels in August, 796,000 barrels in September, 783,000 barrels in October, in 801,000 barrels November, and 790,000 barrels in December.
The JTC was established on January 22, 2017 under the monitoring committee, created to monitor the countries' fulfillment of their commitments to cut oil production.
On December 7, 2018, an agreement was reached at the fifth ministerial meeting of the non-OPEC member and non-OPEC countries in Vienna to cut daily oil production by 1.2 million barrels. As part of the agreement, Azerbaijan has reduced daily production by 20,000 barrels since January 1, 2019.
---
Follow the author on Twitter: @Lyaman_Zeyn