Azerbaijan’s crude output up in 2018

Azerbaijan’s crude and non-conventional oil, natural gas liquids production totaled 793,000 barrels per day in 2018, as compared to 783,000 barrels per day in 2017, Trendreports citing the World Oil Review – 2019 of Italy’s Eni company.

“This is while oil consumption in Azerbaijan made up 97,000 barrels per day in 2018, as compared to 96,000 barrels per day in 2017. Per capita oil consumption in the country totaled 3.57 barrels in 2018, remaining unchanged from 2017,” reads the report.

Azerbaijan’s crude and non-conventional oil imports stood at 1,000 barrels per day in 2018, unchanged from 2017, according to Eni.

The report shows that Azerbaijan’s oil reserves stood at 7 billion barrels in 2018, remaining unchanged from 2017.

Oil production in Azerbaijan amounted to 768,000 barrels per day in June, according to the Ministry of Energy of Azerbaijan.

“Daily oil production amounted to 768,000 barrels in May. Of these, crude oil made up 695,000 barrels, and condensate production made up 73,000 barrels,” the Ministry of Energy said in a statement.

According to the ministry, the daily export volume of crude oil from Azerbaijan in June amounted to 471,000 barrels, with that of condensates having amounted to 72,000 barrels, and oil products to 19,200 barrels.

The average daily oil production was 793,000 barrels in January, 806,000 barrels in February, 798,000 barrels in March, 683,000 barrels in April, and 776,000 barrels in May.

At the end of 2018, OPEC and a number of non-affiliated countries (OPEC+) decided to extend the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.

A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.