OPEC announces forecast on oil output in Azerbaijan

Baku. 12 December. REPORT.AZ/ Azerbaijan’s liquids supply for 2018 is expected to remain unchanged at 0.80 mb/d., Report informs referring to OPEC.

For 2019, liquids production in Azerbaijan is forecast to decrease further by 0.01 mb/d to average 0.79 mb/d, while the share of Azerbaijan, as one of the non-OPEC participating producers of the DoC, is to be adjusted down by 20 tb/d lower than production in October for 1H19, as per the recent decisions made at the OPEC and non-OPEC ministerial meetings in December. As a result, Azeri oil supply will decline by 0.02 mb/d to average 0.78 mb/d next year.

On December 10, 2016 in Vienna, Azerbaijan signed an agreement with OPEC to reduce overall daily production by 35,000 barrels.

On December 7, 2018, OPEC and non-OPEC countries agreed to reduce oil by 1.2 million barrels per day. In accordance with the agreement, Azerbaijan will reduce oil output by 20,000 barrels.