OPEC predicts increase in Azerbaijan's oil output in 2020

Organization of the Petroleum Exporting Countries (OPEC) foresees an increase in daily average oil output by 0.79 million barrels as compared with 2019, which means an increase of 10.000 barrels daily, Report informs citing the organization’s report for November.

In September, the daily average oil and gas condensate production in Azerbaijan remained unchanged at 0.78 mln. barrels compared with the same period of 2018, the report says.

Daily average crude oil production in the third quarter of 2019 rose by 20,000 barrels, settling at 0.79 mln barrels, which is 10,000 barrels per day less than a year ago.

Supplies from Azerbaijan are expected to drop by 20,000 barrels daily in 2019, to 0.79 mln. barrels on average.

Under the agreement signed in Vienna on December 10, 2016, Azerbaijan undertook to reduce daily output by 35.000 barrels.

A deal to reduce daily oil output by 1.2 mln. barrels from the level of October, 2018, was reached at the 5th OPEC and non-OPEC Ministerial Meeting in Vienna on December, 7, 2018.

In July 2019, the agreement was extended until the end of the first quarter of 2020.