OPEC updates its forecast for Azerbaijan's oil production

The Organisation of Petroleum Exporting Countries (OPEC) has worsened the forecast of the average daily production of oil and other liquid hydrocarbons in Azerbaijan for 2023, but for 2024 it remained unchanged.

In 2023, the average daily production of oil and other liquid hydrocarbons in Azerbaijan is projected at about 700,000 barrels, which means a decrease of 30,000 barrels compared to 2022, and about 13,000 barrels more than the previous forecast growth rate, APA reports, citing the OPEC monthly forecast.

The downward revision of the forecast is due to lower-than-expected production at major oil fields in October.

According to the report, daily production of liquid hydrocarbons in Azerbaijan in 2024 will remain stable at 0.7 million tonnes of barrels (forecast unchanged).

In 2022, this indicator was at an average of 700,000 barrels, 65,000 barrels less than a year earlier.