Oil production to gradually go down in Azerbaijan, says OPEC

In March 2016 oil production in Azerbaijan totaled 0.84 million barrels  day, down by 10,000 and 20,000 barrels a day against January and February, respectively, according to the OPEC May report about the oil market.

In quarter 1, 2016 average oil production totaled 0.85 million barrels a day, reads the report.

According to the OPEC forecasts, in 2016 oil production in Azerbaijan will drop by 40,000 barrels a day to 0.82 million barrels day.

The forecast has remained unchanged as compared to the OPEC’s previous forecasts for this year.

Azerbaijan mainly extracts oil from the bloc of offshore fields Azeri-Chirag-Guneshli (ACG).

In 2015 31.3 million tons or 75% of entire Azerbaijan’s oil (41.69 million tons) was extracted on this site.

According to Turan, in quarter 1, 2016 production rate on ACG was stable – 650,000 barrels a day, but the reduction started in April.—0—

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