Oil extraction in Azerbaijan to be stable in 2016
The forecast of oil extraction in Azerbaijan in 2015 is 0.86 mln barrels a day, is said in the «Monthly Oil Market Report» — MOMR of OPEC.
Oil production in Azerbaijan rose by 0.032 mln barrels m-o-m and by 0.01 mln barrels y-o-y. The production on the results of September is assessed at 0.83 mln barrels having fallen by 0.03 mln barrels a day from the beginning of 2015 though the productivity of the ACG block rose by 0.024 mln barrels y-o-y or 4%. ACG block produced about 0.63 mln barrels a day due to the capital investment.
The forecast of oil extraction in Azerbaijan in 2016 stays unchanged: it is expected to fall by 0.04 mln barrels to the average daily rate of 0.82 mln barrels. Oil price fall is likely to accelerate the oil extraction in Azerbaijan in 2016 against 2015.
The assessment of gas condensate extraction in Azerbaijan is 0.8 mln barrels a day in Q1-Q3 2015, and the forecast is the same for Q4 2015 and the entire 2016.
According to OPEC, the forecast by the total volumes of oil supply by the CIS in 2015 stays unchanged: it will rise by 0.04 mln barrels to the average rate of 13.59 mln barrels a day (the total forecast for Russia, Kazakhstan and Azerbaijan). In 2015 oil extraction in Russia is expected to grow while the production in Kazakhstan, Azerbaijan and other OPEC countries will fall. Quarterly results of oil supply by OPEC in 2015 is assessed at 13.68 mln barrels a day in Q1, 13.59 mln barrels a day in Q2, 13.54 mln barrels in Q3 and is forecast at 13.55 mln barrels in Q4 2015.
