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News // Middle East and OPEC

OPEC announces forecast on oil production in Azerbaijan

14 December 2018 , 10:11Neftegaz.RU692

Vienna, December 14 - Neftegaz.RU. OPEC did not change the forecast for average daily oil production in Azerbaijan at the end of 2018, keeping it at the level of 800,000 barrels per day. The daily oil production in the country is expected to decrease by 20,000 barrels to 780,000 barrels in 2019 complied with the commitment undertaken by Azerbaijan within the framework of OPEC+ agreement, AzerNews reported.


In the previous report, the organization reduced the forecast for daily production for the next year by 10,000 barrels, to 790,000 barrels. Recently, OPEC revealed its forecast for 2018 on the increase in oil supply from non-cartel countries by 190,000 barrels per day compared to last month - up to 2.5 million barrels per day.


Azerbaijan undertook to reduce its production by 35,000 barrels per day within the framework of the Declaration of Cooperation signed in Vienna on Dec. 10, 2016. Azerbaijan presented data on its daily oil production in November 2018 to the OPEC as part of the Vienna Agreement.


Daily oil production stood at 801,000 barrels in November 2018, of which 733,000 barrels accounted for crude oil and 68,000 barrels for condensate, while 6,000 barrels of oil products were exported.


Major oil producers have reached a deal to reduce oil production by 1.2 million barrels per day at the fifth meeting of OPEC and non-OPEC ministers held in Vienna on December 7. It has been agreed to reduce daily oil production by 800,000 barrels per day for OPEC countries in the 1st 6 months of 2019. Non-OPEC countries have agreed to reduce oil production by 400,000 barrels a day.


The agreement will enter into force on January 1, 2019. The next meeting of OPEC and non-OPEC format will be held in Vienna in April next year to revise the agreement.



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