Azerbaijan's oil production in 2016 is expected to reach 870 thousand barrels per day (43.5 million tons - Turan), an increase of 10 thousand barrels per day against 2015, according to the OPEC report on the oil market published the day before.
However, according to Azerbaijan’s State Statistics Committee, 41.69 million tons of oil and gas condensate and 834 thousand barrels per day was produced in 2015.
Compared to the August report, OPEC revised its forecast for oil production in Azerbaijan in the direction of increasing by 16,000 barrels per day. According to OPEC, this is 20 thousand barrels more than in the second half of last year.
In Azerbaijan in H1 of 2016 the output was 21 million 64.5 thousand tons of oil and condensate, or 856,000 barrels per day.
However, 75% of oil produced in Azerbaijan falls on the block of offshore fields Azeri-Chirag-Guneshli. Already in September, the production of one of the largest offshore platforms was suspended for repairs. In addition, this fall the production in another platform is expected to stop for three weeks. That is, the production volumes will go down for objective reasons.
Therefore, the OPEC forecasts on Azerbaijan for 2016 can be regarded as unreliable. -12A--
Economics
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