BAKU, Azerbaijan, December 15. Azerbaijan's oil production in 2024 is expected to stand at 0.65 mb/d.
According to the data obtained by Trend from the International Energy Agency (IEA), the forecast has been left unchanged, in contrast to the assessment from the previous month.
As a result, the expected oil output for the country is estimated to reach 0.63 mb/d in the first quarter, with a slight increase to 0.64 mb/d projected for the second quarter of 2024.
The IEA approximates that Azerbaijan's oil production remained at 0.62 mb/d for both the second and third quarters of 2023. In the fourth quarter, the agency estimates Azerbaijan's crude output at 0.61 mb/d. Over the entire year, the agency expects the country's output to be consistent at 0.62 mb/d - down by 0.01 mb/d.
As per the IEA, Azerbaijan's oil production in 2022 is estimated to have reached 0.67 mb/d.
Meanwhile, the data provided by the Azerbaijani Energy Ministry indicates that daily crude oil production in the country amounted to 492,000 barrels in November 2023. The data shows that daily oil production (including condensate) amounted to 609,000 barrels in November 2023. Of these, 492,000 barrels were crude oil and 117,000 barrels of condensate.
Within the framework of OPEC+ cooperation until the end of 2023, Azerbaijan should reduce production by 33,000 barrels per day, and the daily quota of crude oil production is 684,000 barrels.