OPEC reveals oil output forecasts for Azerbaijan

Oil&Gas Materials 11 July 2019 15:46 (UTC +04:00)

Baku, Azerbaijan, July 11

By Leman Zeynalova – Trend:

For 2019, oil supply in Azerbaijan is expected to decline by 0.01 mb/d to average 0.80 mb/d, revised down from the last month’s assessment,Trend reports with reference to OPEC Oil Market Report.

For 2020, production is forecast to slow compared to 2019 to average 0.79 mb/d, but in terms of y-o-y growth, no significant contraction is expected, said the cartel.

“Azerbaijan’s liquids output in May was up by 0.09 mb/d m-o-m to average 0.80 mb/d.

Crude oil production recovered by 94 tb/d m-o-m to average 693 tb/d following the return from maintenance of the Central Azeri platform, down by 0.04 mb/d y-o-y. Maintenance is also planned for another BP platform in Western Chirag in October 2019.Condensate production accounted for 77 tb/d of total crude oil output in May, according to the country’s energy ministry,” reads the report.

Oil production in Azerbaijan amounted to 768,000 barrels per day in June, according to the Ministry of Energy of Azerbaijan.

"Daily oil production amounted to 768,000 barrels in May. Of these, crude oil made up 695,000 barrels, and condensate production made up 73,000 barrels," the Ministry of Energy said in a statement.

According to the ministry, the daily export volume of crude oil from Azerbaijan in June amounted to 471,000 barrels, with that of condensates having amounted to 72,000 barrels, and oil products to 19,200 barrels.

The average daily oil production was 793,000 barrels in January, 806,000 barrels in February, 798,000 barrels in March, 683,000 barrels in April, and 776,000 barrels in May.

At the end of 2018, OPEC and a number of non-affiliated countries (OPEC+) decided to extend the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.

A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.


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