Azerbaijan produces 37.7M tons of oil
By Laman Ismayilova
Azerbaijan produced over 37,717 million tons of crude oil and 26.8 billion cubic metres of natural gas in the eleven months of the year, according to the State Statistical Committee.
The total value of the production in the mining industry was 18.8 billion manats in the eleven months, which is 0.8 per cent less than last year.
By late 2016, the volumes of oil extraction in the country will hit 41.307 tons, while gas production volumes will amount to 242.5 mcm.
The forecast for oil production in 2017 stands at 39.797 million, which is 3.7 percent lower than the figure for 2016.
Average daily oil production will amount to 800,000-807,000 barrels in 2017 (in line with Vienna accord), while the daily output for 2016 stands at 842,000 barrels.
Energy-rich Azerbaijan produces three grades of crude oil - Azeri BTC, Azeri Light, and Urals. Azerbaijan exports not only crude oil, but also petroleum products. The only producer of oil products is SOCAR, which owns Baku Oil Refinery named after Heydar Aliyev.
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