OPEC ups forecasts for Azerbaijan’s oil output
Azerbaijan is expected to produce on average 0.79 million barrels of oil per day in 2018, OPEC said in its July Oil Market Report.
"For 2018, the country’s oil supply is estimated to decline by 0.01 million barrels per day for an average of 0.79 million barrels per day," said the report.
This is while in its June report, the cartel forecasted oil production in Azerbaijan to stand at 0.78 million barrels per day in 2018.
For 2019, oil production in Azerbaijan is forecast to decline by 0.02 million barrels per day for an average of 0.77 million barrels per day, said OPEC.
"Azerbaijan crude oil output increased by 15,000 barrels per day month-on-month to average 0.73 million barrels per day in May supported by the Azeri-Chirag-Guneshli (ACG) complex through Central and East Azeri platforms in the Caspian, leading to a rise in liquids supply by 0.01 million barrels per day month-on-month to average 0.81 million barrels per day," 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.