BAKU, Azerbaijan, February 15. Azerbaijan's oil production volume in 2024 is anticipated to stand at 0.62 mb/d.
As per information sourced by Trend from the International Energy Agency (IEA), the forecast has been revised down by 0.03 mb/d, compared to the previous assessment.
As a result, it is anticipated that the country's oil production will reach 0.61 mb/d in 1Q2024, with a slight increase to 0.62 mb/d expected in 2Q2024 and a further rise to 0.63 mb/d projected in 3Q2024.
According to the IEA, Azerbaijan's oil production is estimated to have reached 0.62 mb/d in 2023, marking a year-on-year decrease of 0.05 mb/d.
Meanwhile, as per the country's official statistics bureau, in January 2024, Azerbaijan's oil and condensate output recorded a decline of 8.3 percent, reaching 2.468 million tons compared to the same period of 2023.
Out of the mentioned quantity, 2.463 million tons constituted marketable oil, including condensate, indicating an 8.3 percent drop compared to January 2023.
Azerbaijan's oil and condensate production for the entire year of 2023 amounted to 30.19 million tons, reflecting a 7.5 percent decrease from the figures in 2022.
A production goal of 29.5 million tons has been established for the year 2024.