Baku, Azerbaijan, Sept.12
By Leman Zeynalova – Trend:
Azerbaijan is expected to produce on average 0.79 million barrels of oil per day (mb/d) in 2018, OPEC said in its September Oil Market Report.
“The country’s oil supply in 2018 is expected to decline by a minor 0.01 mb/d to average 0.79 mb/d. For 2019, oil production in Azerbaijan is forecast to decrease further by 0.02 mb/d to average 0.77 mb/d,” said the report.
OPEC estimates that Azerbaijan’s liquids output in July decreased by 0.02 mb/d m-o-m to average 0.79 mb/d, but production in August is estimated to rise to 0.82 mb/d, according to preliminary production data.
Crude oil figures based on direct communication show a decline in July of 19,000 b/d to average 709,000 b/d, lower by 30,000 b/d, y-o-y, said the report.
The cartel said that crude oil output from the ACG complex (AzeriChirag-Guneshli fields) increased in 1H18 compared with the same period in 2017 by around 11 tb/d, or 2 percent, to average 0.6 mb/d.
“Annual declines in the Chirag and deepwater Guneshli fields are compensated for by growth in the Azeri field. Crude production from the Azeri field accounts for nearly 64 percent of the ACG complex. Azerbaijan’s liquids production averaged 810 b/d in the first seven months of 2018, up by 0.01 mb/d y-o-y,” said the report.
In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.
At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.
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