OPEC: Azerbaijan’s oil output in 3Q19 likely to remain at 0.80 mb/d

Oil&Gas Materials 11 September 2019 15:25 (UTC +04:00)

Baku, Azerbaijan, Sept.11

By Leman Zeynalova – Trend:

Oil production in Azerbaijan is the third quarter of 2019 is likely to remain at 0.80 million barrels per day as maintenance ended in BP's platform at Azeri-Chirag-Gunashli block of oil fields in the second quarter of 2019, Trend reports citing OPEC’s Monthly Oil Market Report.

“However, maintenance is planned for another BP platform in Western Chirag in October 2019. For 2019, oil supply in Azerbaijan, following a downward revision by 20,000 barrels per day in the fourth quarter of 2019, is expected to average 0.79 million barrels per day, representing a contraction of 0.01 million barrels per day,” reads the report.

For 2020, production is forecast to remain unchanged, averaging 0.79 million barrels per day, according to the cartel.

The report shows that Azerbaijan’s liquids output in July increased by 0.01 million barrels per day month-on-month to average 0.80 million barrels per day.

Crude oil output was up by 9,000 barrels per day month-on-month to average 696,000 barrels per day.

Oil production in Azerbaijan for August amounted to 749,000 barrels per day, according to Azerbaijani Energy Ministry.

"The daily oil production in August amounted to 749,000 barrels, 686,000 barrels of that volume accounted for crude oil and 63,000 barrels for condensate production," the ministry said.

Since 2019, Azerbaijan has been committed to reducing oil production by 20,000 barrels per day compared to September 2018, i.e. to the level of 776,000 barrels per day.

In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.

On July 2, 2019, a decision was made in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.


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