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OPEC revises up forecasts for oil output in Azerbaijan

December 18, 2017/ 07:56

Baku. Azerbaijan’s oil production is expected to decline by 0.05 million barrels per day to average 0.80 million barrels per day in 2017, according to OPEC’s December Oil Market Report.

In 2018, the cartel expects Azerbaijan’s oil production to drop by 0.04 million barrels per day and stand averagely at 0.76 million barrels per day.

This is while in its previous report, OPEC expected crude output in Azerbaijan to decrease by 0.06 million barrels per day in 2017 as compared to 2016. The cartel forecasted the country’s oil production to drop by 0.05 million barrels per day to average 0.74 million barrels per day in 2018.

"In Azerbaijan, according to data provided by the Ministry of Energy, oil production increased by 0.01 million barrels per day month-on-month to average 0.81 million barrels per day in October, lower by 0.03 million barrels per day year-on-year," said the report.

Average oil production in the country in the last three quarters declined by 0.05 million barrels per day to average 0.80 million barrels per day, compared to the annual average in 2016, according to the cartel’s estimates, inform Trend.

Earlier, OPEC and several other non-OPEC producers, including Azerbaijan reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November last year.

 

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