US raises 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 approximately 610,000 barrels of oil and liquid hydrocarbons throughout this year, aligning with previous forecasts, Caliber.Az reports citing the local media.

Looking ahead to 2025, the EIA anticipates an increase in Azerbaijan's average daily oil production to around 660,000 barrels, slightly up from 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 optimize production levels in line with evolving economic and environmental considerations.

The Azerbaijani government continues to prioritize the sustainable development of its energy sector, leveraging technological advancements and international partnerships to enhance efficiency and maintain competitive market positioning.

The EIA's revised projections underscore confidence in Azerbaijan's capacity to contribute to global energy supply stability amid ongoing geopolitical shifts and market dynamics.

Azerbaijan has a significant history of oil production, dating back to the late 19th century. The country's oil industry experienced rapid growth during the Soviet era, establishing Azerbaijan as a major player in global oil markets.

Azerbaijan has invested heavily in infrastructure to support its oil and gas sector, including pipelines and refineries. The development of new fields and the modernization of existing facilities have enhanced the country's capacity to extract and export hydrocarbons efficiently.

As Azerbaijan navigates these challenges and opportunities, stakeholders, including international energy organisations and investors, monitor developments in the country's energy sector closely to assess potential opportunities and risks in the global energy market.