OPEC keeps 2019 oil output forecast unchanged on Azerbaijan

Baku. 13 February. REPORT.AZ/ For 2019, oil production in Azerbaijan is forecast to remain unchanged compared to last year, representing an annual production at 0.80 mb/d, Report informs citing OPEC's Monthly Oil Market Report - February 2019.

According to the report, Azerbaijan’s liquids output decreased by 0.01 mb/d m-o-m to average 0.81 mb/d in December.

Notably, in line with the agreement signed in Vienna (Austria) on December 10, 2016, Azerbaijan undertook to reduce daily output to 35,000 barrels.

In December 2018, OPEC and non-OPEC states agreed to cut daily output to 1.2 mln barrels compared to October 2018. Thus, in line with the decision, Azerbaijan undertook to cut daily output by 20,000 barrels.