BAKU, Azerbaijan, Dec.11
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 December Oil Market Report (MOMR).
“Azerbaijan’s liquids output in October was down by 36,000 b/d m-o-m to average 0.75 mb/d, due to shut-in production in the West Chirag platform. 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. Azerbaijan’s November total liquids output is expected to recover by 0.04 mb/d to average 0.79 mb/d,” said the report.
According to the data of Azerbaijan’s Energy Ministry, the daily production of oil products amounted to 776,000 barrels in Azerbaijan in November 2019, 687,000 barrels of which accounted for crude oil, and 89,000 barrels for condensate.
Some 577,000 barrels of crude oil, 82,000 barrels of condensate and 26,400 barrels of other oil products are exported daily.
Azerbaijan has completely fulfilled its commitments to reduce production by 20,000 barrels per day as part of the agreement on the preservation of daily oil production in the volume of 776,000 barrels dated December 7, 2018.
The average daily oil production amounted to 764,000 barrels from January through November 2019.
The Azerbaijani Ministry of Energy submitted daily oil production data to the technical commission of the OPEC Joint Ministerial Monitoring Committee in November.
A decision to further reduce the daily oil production by 500,000 more barrels was made at the 7th OPEC and non-OPEC Ministerial Meeting on December 6, 2019.
Azerbaijan must produce 769,000 barrels of oil daily from January 2020.
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