OPEC predicts Azeri oil output at over 1m bpd in 2008
Azerbaijan`s oil production is predicted to average 1.02 million
barrels per day in 2008, or about 155,000 barrels over the previous
year, the Organization of Petroleum Exporting Countries (OPEC)
said.
The projection is 25,000 bpd below the forecast made in July, according to the August report on oil markets posted on the organization`s web site.
The revision was due to adjustments from actual figures, in addition to the partial effect of the recent explosion at the Baku-Tbilisi-Ceyhan (BTC) export pipeline, which is expected to negatively affect production.
However, once further details of the pipeline repairs timetable are known, the true impact on production can be better evaluated, OPEC said.
The explosion occurred on the pipeline`s Turkish section on August 6 in the country`s Erzinjan province and immediately ignited a fire that raged for five days. An estimated 20,000 tons of crude was lost as a result of the blaze. Pumping oil through the conduit, which exports crude from Azerbaijan`s vast Azeri-Chirag-Gunashli fields in the Caspian Sea, has since been fully resumed.
According to OPEC forecasts, Azerbaijan`s oil output will make up 1.09 million bpd in the fourth quarter of 2008.
The total oil output in the former Soviet Union republics will make up 13.22m bpd in 2009.
The projection is 25,000 bpd below the forecast made in July, according to the August report on oil markets posted on the organization`s web site.
The revision was due to adjustments from actual figures, in addition to the partial effect of the recent explosion at the Baku-Tbilisi-Ceyhan (BTC) export pipeline, which is expected to negatively affect production.
However, once further details of the pipeline repairs timetable are known, the true impact on production can be better evaluated, OPEC said.
The explosion occurred on the pipeline`s Turkish section on August 6 in the country`s Erzinjan province and immediately ignited a fire that raged for five days. An estimated 20,000 tons of crude was lost as a result of the blaze. Pumping oil through the conduit, which exports crude from Azerbaijan`s vast Azeri-Chirag-Gunashli fields in the Caspian Sea, has since been fully resumed.
According to OPEC forecasts, Azerbaijan`s oil output will make up 1.09 million bpd in the fourth quarter of 2008.
The total oil output in the former Soviet Union republics will make up 13.22m bpd in 2009.
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