OPEC predicts Azerbaijan’s oil output at 0.93m bpd in Q4
Azerbaijan's oil production will amount to 0.93 million barrels per day (bpd) in the fourth quarter of 2012 compared to the 0.88 million bpd in the third quarter of the year, OPEC's December oil market report said, Trend news agency reported.
According to OPEC forecasts, in 2012 Azerbaijan's oil production will decline by 30,000 bpd to 0.92 million bpd, which represent a downward revision of 15,000 bpd from the previous month.
According to OPEC estimates, Azerbaijan's supply decreased by 70,000 during the first three quarters of 2012 compared to the same period of 2011.
OPEC predicts the country's oil production to decrease by 30,000 bpd to 0.89 million bpd in 2013.
According to OPEC's forecasts, the highest level of Azerbaijan's oil production in 2013 will be observed in the first quarter - at 0.91 million bpd. In the second quarter of the next year production will amount to 0.88 million bpd, in the third quarter - 0.87 million bpd, in the fourth quarter - 0.89 million bpd.
According to BP, the proven oil reserves of Azerbaijan amounted to 7 billion barrels as of early 2011. Oil production in the country amounted to 1.037 million bpd in 2010.
The main volume of oil produced in Azerbaijan falls to the Azeri-Chirag-Guneshli offshore fields' block.
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