Today.Az » Business » OPEC reveals forecasts for oil output in Azerbaijan
12 October 2017 [10:45] - Today.Az
Azerbaijan’s oil supply for 2017 will decline by 0.06 million barrels per day (b/d) year-on-year, OPEC said in its October Monthly Oil Market Report.
Oil production in Azerbaijan is expected to average 0.79 million b/d in 2017, according to the cartel’s forecasts.
The country’s oil supply is expected to decline by 0.05 million b/d y-o-y to average 0.74 million b/d in 2018.
Output from Azerbaijan averaged 797,000 b/d in the last eight months of 2017, 40,000 b/d lower than last October, said the cartel.
In December 2016 in Vienna, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.