OPEC announced its forecast on Azerbaijan's oil production
The Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for the average daily production of oil and other liquid hydrocarbons in Azerbaijan for 2023, News.az reports citing the monthly report of OPEC.
According to the OPEC forecast, in 2022, the mentioned indicator will be at the level of 700 thousand barrels on average, which is 11 thousand barrels more than the annual comparison and is 11 thousand barrels less than the previous growth rate forecast indicator.
Noted that the downward correction of the forecast was due to lower-than-expected production in the main oil fields in May.
The report forecasts that Azerbaijan's daily production of liquid hydrocarbons will drop 30 thousand (forecast did not change) and will average to 0,7 mln. barrells in 2024.
According to the report, in 2022, the mentioned indicator was at the level of 700 thousand barrels on average, which is 65 thousand barrels less than the annual comparison.