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Azerbaijan adheres to oil reduction pledges

15 December 2016 [16:17] - TODAY.AZ

By Azernews


By Nigar Abbasova

The revised forecast for oil output in Azerbaijan is totally in line with the landmark deal between OPEC and non-OPEC states to curtail oil output jointly.

The Energy Ministry of the resource-rich country told Trend that the forecast for oil production in 2017 stands at 39.797 million, which is 3.7 percent lower than the index of 2016.

Average daily oil production will amount to 800,000-807,000 barrels in 2017 (in line with Vienna accord), while the daily output for 2016 stands at 842,000 barrels.

The ministry clarified that the forecast on gas production remained the same, as the agreement does not envisage any reduction in terms of gas volumes. Gas production in the country is expected to stand at 28.39 billion cubic meters (bcm) by the end of 2017, the volume is down by 2.9 percent than the figure of 2016.

The country produced some 8.02 bcm of gas at its large Shah Deniz field in January-September 2016 (10 percent higher than in the same period of 2015), with nearly 2.64 bcm being used for the provision of domestic needs. 

By late 2016, the volumes of oil extraction in the country will hit 41.307 tons, while gas production volumes will amount to 242.5 mcm.

Some 11 non-OPEC countries agreed to curtail production jointly by 558,000 barrels per day following the meeting in Vienna. Under the consent Azerbaijan will cut its oil output by 35,000 barrels per day starting from January 1, 2017.

Non-OPEC oil supply growth in 2017 stands at 0.30 mbd, while non-OPEC supply is expected to average 56.50 mbd in 2017, according to OPEC.

URL: http://www.today.az/news/business/156959.html

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