OPEC: Azerbaijan’s oil production to decline in 2017

OPEC: Azerbaijan’s oil production to decline in 2017
# 12 July 2016 14:27 (UTC +04:00)

Baku – APA-Economics. Azerbaijan’s oil supply is anticipated to average 0.85 million barrels per day (bpd), indicating a decline by 10,000 bpd in output in 2016, says OPEC’s monthly oil market report published July 12.

June 2016 oil output in Azerbaijan declined by 10,000 bpd compared to May 2016 and increased by 20,000 bpd compared to June 2015 to 0.78 million bpd.

The main oil output in Azerbaijan currently comes from the Azeri-Chirag-Guneshli field.

OPEC also expects decline in oil production in Azerbaijan by 40,000 bpd in 2017 due to a lack of new project start-ups.

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