Oil production forecast corrected by government could not be fulfilled in 2012

From January to October 2012 crude oil production in Azerbaijan totaled 36 million tons, down 7.7% against the same period in 2011, reads the report of the State Statistical Committee released on Wednesday.

According to the report, during this period the country also extracted 14.4 billion cub.m. of natural tank gas. (The last year's report does not mention the volume of tank gas, but from January to October a total of 21.6 billion cub.m. of gas was extracted).

The State Statistical Committee also reported that during first 9 months, 2012 industrial production in the oil industry of Azerbaijan dropped by 5.9% and in the non-oil industry increased by 6.8%.

While analyzing oil production data of the State Statistical Committee during 10 months, 2012, experts of the Oil Studies Centre Caspian Barrel have come to conclusion that the latest corrected forecasts of the government for 2012 are in question. The government forecasts that this year the country should extract 42.9 million tons of oil. The analysis of the monthly oil production shows that it is almost impossible to achieve this result. The production decline grows every month.

The Centre forecasts that this year Azerbaijan will produce about 42.5-42.7 million tons of oil and condensate.

In 2011 Azerbaijan produced 45.6 million tons of oil and in 2010, 50.8 million tons.-0--