OPEC unveils oil production forecast on Azerbaijan for 2019

18.01.2019,12:52


January 18, Fineko/abc.az. International experts have published the forecast on oil production in Azerbaijan for the current year.

According to January’s OPEC report, in the 1st half of 2019 production of liquid hydrocarbons in Azerbaijan will be reduced by 20,000 bpd, averaging 790,000 bpd.

"In 2nd half of the year, production is expected to average 810,000 bpd," the report says.

The Azerbaijani Energy Ministry reports that daily oil production reached 796,200 barrels in 2018 against 781,900 barrels in 2017.

The OPEC/NOPEC Ministerial Meeting was held on 10 December 2016. Following the meeting the countries signed an agreement on the coordinated reduction of oil production. The reduction of oil production for OPEC countries is about 1.2 million bpd that conforms to the level of production of 32.5 million bpd. The non-OPEC countries reduce oil production by 558,000 bpd. At the same time, Azerbaijan has pledged to reduce daily oil production by 35,000 barrels. The agreement was concluded for the 1st half of 2017 and envisaged the possibility of extending its term.

The OPEC/NOPEC countries agreed to extend the agreement by 9 months (until the end of March 2018) during the 172nd Ministerial Meeting in Vienna on 25 May 2017. During the 173rd Ministerial Meeting in Vienna on 30 November 2017 the sides agreed to extend this agreement until the end of 2018.

On 7 December 2018 in Vienna the OPEC member states agreed to cut oil production by 1.2 million barrels. Azerbaijan has undertaken to reduce daily oil production by 20,000 barrels.

 

Keywords: OPEC