BAKU, Azerbaijan, May 8. Azerbaijan's oil output is projected to stand at 0.65 mb/d per day in 2025, Trend reports.
Thus, the US Energy Information Administration (EIA) has revised up slightly the forecast for the country's oil output by 0.01 mb/d, compared to the estimations from the previous month.
As such, Azerbaijan's oil production is predicted to increase by 0.04 mb/d from the estimated 0.61 mb/d anticipated for 2024.
In detail, the country is expected to produce 0.63 mb/d of oil in the initial quarter of 2025, followed by a subsequent uptick to 0.65 mb/d in the second quarter. The EIA anticipates further growth to 0.66 mb/d in both the third and fourth quarters of the upcoming year.
For 2024, the EIA projects Azerbaijan to achieve 0.60 mb/d in the second quarter, stabilizing around 0.62 mb/d in the fourth quarter.
Highlighting Azerbaijan's crude production in 2023, the EIA observed a decrease of 0.05 mb/d year-on-year, with a total production of 0.62 mb/d.
Meanwhile, according to the operational data provided by the Ministry of Energy, Azerbaijan produced 7.3 million tons of oil, including condensate, from January through March 2024, which is 5.2 percent less than in the same period of 2023 (7.7 million tons).
In 2023, Azerbaijan produced a total of 30.19 million tons of oil and condensate, marking a 7.5 percent decrease from the previous year's figures in 2022.
For the year 2024, a production target of 29.5 million tons has been set.