US lowers oil production forecast for Azerbaijan

The Energy Information Administration (EIA) under the US Department of Energy has revised its forecast for Azerbaijan's average daily production of oil and other liquid hydrocarbons for 2024 and 2025.

Azerbaijan is expected to maintain a daily production of 600,000 barrels of oil and liquid hydrocarbons throughout this year, which is 10,000 barrels less than previously forecasted, Caliber.Az reports, citing local media.

Looking ahead to 2025, the EIA anticipates an increase in Azerbaijan's average daily oil production to around 640,000 barrels, slightly less than the previous forecast of 650,000 barrels.

In 2023, Azerbaijan's daily production of liquid hydrocarbons stood at 620,000 barrels, reflecting the country's ongoing efforts to maintain stable output amidst global market dynamics.

Recent production figures indicate a fluctuating trend in Azerbaijan's oil and liquid hydrocarbon output: 670,000 barrels in 2022, 720,000 barrels in 2021, and 780,000 barrels in 2019, with a decrease to 700,000 barrels in 2020.

The updated forecasts by the EIA highlight Azerbaijan's strategic role in the global energy market and its efforts to optimise production levels in line with evolving economic and environmental considerations.