BAKU, Azerbaijan, June 13. Azerbaijan's oil production in 2023 is expected to increase by 29,000 b/d to average 0.7 mb/d, Trend reports.
Thus, OPEC has downgraded Azerbaijan's liquids output forecast for the current year by a minor 8,000 b/d, compared to the previous month's assessment, due to lower-than-expected production pace in April 2023.
At the same time, Azerbaijan's liquids output in April this year, remaining broadly stable, averaged 0.7 mb/d. However, this is a decrease of 65,000 b/d year-on-year. In particular, crude supply totaled 512,000 b/d, with NGLs output at 146,000 b/d.
"The main declines in legacy reservoirs, like Azeri-Chirag-Guneshli (ACG) oil fields, are expected to be offset by ramp-ups in other fields. Growth is forecast to come mainly from the Shah Deniz and Absheron gas condensate projects," OPEC noted.
As the bloc's latest forecast says, in 2022, liquids supply in Azerbaijan is estimated to have declined by 40,000 b/d year-on-year to average 0.7 mb/d.
Meanwhile, following the OPEC+ decision made June 4, Azerbaijan is expected to adjust its crude production to 551,000 barrels per day throughout 2024.
The overall crude oil production level for both OPEC and non-OPEC countries will be set at 40.46 mb/d, as the block agreed, following 35th Ministerial Meeting held this weekend.