OPEC sees a slight rise in Azerbaijan's oil production
By Aynur Jafarova
The Organization of Petroleum Exporting Countries (OPEC) has predicted that Azerbaijan's oil production will slightly increase by 10,000 barrels per day (bpd) to 0.88 million bpd in 2014.
In its February oil market report, OPEC said the forecasts show the highest level of the country's oil production in 2014 will be observed in the fourth quarter - at 0.89 million bpd. In the first and second quarters of the year the production will amount to 0.86 million bpd, in the third quarter - to 0.88 million bpd.
Meanwhile, the U.S. Energy Information Administration's (EIA) has predicted that Azerbaijan's oil production will decrease by 30,000 bpd to 0.85 million bpd in 2014 and by 50,000 bpd to 0.8 million bpd in 2015,
Azerbaijan will produce 0.88 million bpd in the first quarter of this year, the Short-Term Energy Outlook predicted. In the second quarter the production will amount to 0.86 million bpd, in the third quarter - 0.84 million bbd, in the fourth quarter - 0.83 million bpd.
The highest level of the country's oil production in 2015 will be observed in the first quarter - at 0.83 million bpd. In the second quarter the production will amount to 0.81 million bpd, in the third quarter - to 0.79 million bpd, in the fourth quarter - to 0.78 million bpd.
BP has put Azerbaijan's proven oil reserves at 7 billion barrels
as of early 2013. Oil production in the country amounted to 0.872
million bpd in 2012.
The main volume of oil produced in Azerbaijan falls on the
Azeri-Chirag-Gun