Azerbaijan has cut its 2009 oil production forecast by a fifth to 45 million tonnes due to production problems and low oil prices, potentially ending a decade of rapid output growth, an Azeri government source said. The revision comes after Azerbaijan in December became the only non-OPEC nation to offer output cuts at the group's meeting in Algeria, saying it was ready to cut output by 300,000 barrels per day to 540,000 bpd, its lowest output level in two years. Related Pictures Azerbaijan Sector - Caspian Sea (Click to Enlarge) If Thursday's forecast proves accurate, 2009 would mark the first...
photo: AP / Aaron Favila
