BAKU, Azerbaijan, August 11. The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.63 million barrels per day (mb/d) in 2023, Trend reports.
The forecast has been slightly revised down by 0.1 mb/d, compared to the previous assessment.
As such, the country's oil production in 1Q2023 and 2Q2023 is estimated to have stood at 0.64 mb/d and 0.62 mb/d, respectively. At the same time, the agency expects Azerbaijan's crude output in 3Q2023 to total 0.62 mb/d, and in 4Q2023 - 0.64 mb/d.
Looking forward, the country's oil output in 1Q2024 is forecast to jump up to 0.67 mb/d, and stay at this level throughout the year. Compared to the previous outlook, this assessment has been revised down by 0.1 mb/d.
According to the IEA, Azerbaijan's oil production in 2022 is estimated at 0.67 mb/d.
Meanwhile, Azerbaijan's oil output (including condensate) from January through July 2023 amounted to 17.7 million tons.