OPEC: Azerbaijan’s oil supply remained lower year-on-year by 80,000 barrels
Azerbaijan’s oil supply increased 40 tb/d month-on-month to average 0.80 mb/d in April, said OPEC Monthly Oil Market Report (MOMR).
However, it remained lower year-on-year by 80 tb/d.
“Azerbaijan’s oil production has been declining due to mature oil fields, as well as a heavy decline of more than 16% in the ACG offshore complex in the Caspian. Overall, the country’s oil supply is expected to contract by 60 tb/d y-o-y to average 0.78 mb/d in 2017”, MOMR said.