BAKU, Azerbaijan, December 12. Azerbaijan's oil output is projected to stand at 0.62 mb/d per day in 2023, Trend reports.
According to the US Energy Information Administration (EIA), the projected figures remain consistent with the previous month's estimates.
It is projected that Azerbaijan's oil production will be at 0.65 million barrels per day (mb/d) in the first quarter of 2023, with a subsequent decline to 0.62 mb/d in both the second and third quarters. The EIA anticipates a further reduction to 0.60 mb/d in the fourth quarter of 2023.
Looking ahead to 2024, the EIA reckons Azerbaijan will hit 0.59 mb/d in the first quarter, creeping up a bit to 0.60 mb/d in the second and third quarters, and reaching 0.61 mb/d in the fourth quarter.
For the entire year, the agency foresees Azerbaijan's oil production settling at 0.60 mb/d, a slight decrease from the earlier estimate of 0.62 mb/d.
The EIA had pegged Azerbaijan's crude output at 0.67 mb/d in 2022.
Meanwhile, according to operational data provided by Azerbaijan's Energy Ministry, in January-October 2023, oil-condensate production in the country stood at 25.3 million tons, while exports amounted to 21 million tons.