BAKU, Azerbaijan, Nov.14
By Leman Zeynalova – Trend:
For 2019, oil supply in Azerbaijan is expected to decline by 0.02 million barrels per day (mb/d) to average 0.79 mb/d, Trend reports citing OPEC’s Oil Market Report.
“Azerbaijan’s liquids output in September remained unchanged m-o-m to average 0.78 mb/d.
Oil production in 3Q19 was higher by 0.02 mb/d q-o-q to average 0.79 mb/d, and showed a y-o-y decline of 0.01 mb/d,” reads the report.
For 2020, production is forecast to grow further compared to 2019 to average 0.79 mb/d, representing y-o-y growth of 0.01 mb/d, according to the cartel.
Oil production in Azerbaijan amounted to 755,000 barrels per day in October 2019.
Of these, 644,000 barrels were crude oil, while 74,000 barrels were condensates.
Under the agreement to maintain daily oil production at 776,000 barrels, Azerbaijan has fulfilled its obligation to reduce production by 20,000 barrels per day.
The average daily oil production in Azerbaijan amounted to 762,000 barrels in the first 10 months of 2019.
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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