BAKU, Azerbaijan, June 12. Azerbaijan's oil production volume in 2024 is anticipated to stand at 0.6 mb/d.
As per information sourced by Trend from the International Energy Agency (IEA), the forecast has been revised down by 0.02 mb/d, compared to the previous outlook.
Thus, according to the agency, the country's oil production is anticipated to have reached 0.60 mb/d in 1Q2024. Looking ahead, Azerbaijan's oil output is not expected to change in 2Q2024. However, a slight growth to 0.61 mb/d is projected for 3Q2024, with a decrease to 0.60 mb/d in 4Q2024.
In 2025, Azerbaijan is expected to increase its crude output level to 0.63 mb/d.
The IEA estimated Azerbaijan's oil production to have reached 0.62 mb/d in 2023.
Meanwhile, Azerbaijan produced 12 million tons of oil (including condensate) from January through May 2024, which is 0.7 million tons less year-on-year.
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.