BAKU, Azerbaijan, September 14. The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.67 million barrels per day in 2022, which is unchanged, compared to the previous report, Trend reports citing the agency.
Azerbaijan is expected to produce 0.67 million barrels per day in 2023, which is also the same as in the last month forecast. At the same time, forecast for the first quarter of 2023 has been raised to 0.68 million barrels per day.
Azerbaijan has been reducing oil output every month as part of the OPEC+ deal. The country overfulfills production quotes each month under this agreement. Azerbaijan’s daily oil production for September is set at 718 000 barrels, as the 31st OPEC and non-OPEC Ministerial Meeting decided to adjust upward the production level for OPEC+ by 0.1 million barrels per day for the month of September 2022.
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