OPEC: Azerbaijan's oil production declining

PanARMENIAN.Net - Azerbaijan's oil production will average 0.85 million barrels per day (bpd) in the second quarter of 2016, which is 20,000 bpd less than in Q1 2016, according to the OPEC's forecasts, published in its June Oil Marker Report, Azerbaijani media report.

The OPEC kept forecasts for global oil supply and demand unchanged Monday, June 13 after its members broke off a meeting earlier this month without reaching an agreement on oil output, The Wall Street Journal said.

Global oil demand will increase by 1.2 million barrels a day this year to 94.18 million, led by India, the group’s Vienna-based research department said in the monthly report.

Non-OPEC production will fall by 740,000 barrels a day from 2015 to 56.4 million barrels a day this year. The downward revisions in Canada, Brazil and Colombia broadly offset upward revisions in the U.S., U.K., Russia and Azerbaijan.