The report also said that an average annual output is expected to decline by 40,000 barrels per day - to 0.82 million barrels per day. The forecast has remained unchanged compared to OPEC`s previous forecasts for 2016.
The main volume of oil produced in Azerbaijan is accounted for the Azeri-Chirag-Guneshli block of oil and gas fields. Azerbaijan`s Azeri Light oil is produced at this block.
Azerbaijan`s proven oil reserves were estimated at seven billion barrels at the beginning of 2015, according to BP.
Azerbaijan produced 41.69 million tons of oil and gas condensate in 2015 that is by 0.8 percent less than in 2014, according to Azerbaijan`s State Statistics Committee.
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