OPEC releases its latest forecasts for Azerbaijan

Baku. 11 October. REPORT.AZ/ Oil production in Azerbaijan in 2017 will decrease by 60,000 bpd or 7,06% and make 790,000 bpd. 

Report informs, the OPEC monthly oil market report says.

According to report, in 2017, production in non-OPEC countries - US, Brazil, Canada, Ghana, Congo and Norway will increase, while in OPEC countries - Azerbaijan, China and Mexico will decrease. The highest increase (600,000 barrels / day) will be in the U.S.

According to report, oil production in Azerbaijan will continue to decline in 2018. Next year, oil production in Azerbaijan is expected to fall by 50,000 bpd or 6.3% and make 740,000 barrels/day. 

In 2018, the highest production growth is expected in the United States (860,000 barrels/day).