Azerbaijan to greatly increase oil production by 2024

Oil&Gas Materials 23 October 2019 12:36 (UTC +04:00)

BAKU, Azerbaijan, Oct. 23


By 2024, oil production in Azerbaijan will increase to 38.634 million tons, Trend reports citing an updated government forecast.

In 2019, oil production in Azerbaijan will amount to 37.752 million tons, and in 2020, the oil production will be 37.712 million tons.

In 2021, oil production will increase by 1.4 percent compared to 2020 to 38.246 million tons.

At the same time, in 2022, the oil production, according to the government estimates, will grow by 0.7 percent to 38.520 million tons, and in 2023 the oil production will be 38.634 million tons (an increase of 0.3 percent).

Thus, the oil production in Azerbaijan in 2023 will increase by 2.3 percent compared to 2019.

In 2018, oil production in Azerbaijan amounted to 38.810 million tons.