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Friday, 13 October 2017 10:30

Oil output expected to be stable Featured

Oil output expected to be stable

For 9 months of 2017 the average daily oil production in Azerbaijan averaged 775.6 thousand barrels a day. If the current production rates continue, then in 2017 Azerbaijan will produce 40.44 million tonnes of oil, which exceeds the government forecast for this year at 39.8 million tonnes. This figure already includes the commitments under the OPEC oil output cutback deal at 35,000 barrels per day, Caspian Energy News (www.caspianenergy.net) reports with reference to the data of the Ministry of Energy of Azerbaijan.

It stands to mention that in 2016 Azerbaijan produced 41 million tonnes of oil and 29.4 billion cubic meters of gas. At the same time, SOCAR through its own efforts produced 7.5 million tonnes of oil and 6.3 billion cubic meters of gas. In 2015, these figures were 8.16 million tonnes of oil and 6.871 billion cubic meters of gas, respectively.

At the same time, according to the OPEC forecast, in 2017 Azerbaijan will produce 790,000 barrels of oil.

The report says that oil production in Azerbaijan will decrease in 2018 as well. “The oil output is expected to decrease by 50,000 barrels per day (6.3%) to comprise 740,000 barrels per day. For the United Sates, the figure is projected at 860,000 barrels per day”, the report says.

Person in charge of the newsline: Fidan Isayeva 

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