OPEC raises forecast on Azerbaijan's oil production for 2024
The Organization of the Petroleum Exporting Countries (OPEC) has announced its forecast for the average daily production of oil and other liquid hydrocarbons in Azerbaijan for 2025, News.az reports citing the monthly report of OPEC.
According to the OPEC forecast, in 2025, the average daily production of oil and other liquid hydrocarbons in Azerbaijan will increase by 10,000 barrels and will be approximately 700,000 barrels.
The Organization forecasts that Azerbaijan's liquid supply will increase by approximately 20,000 barrels in 2024 (the previous forecast – an increase of 20,000 barrels) and will average 700,000 barrels.
It was noted that the increase is forecasted to be partially obtained from Shah Deniz, Absheron and Umid-Babek gas-condensate projects. The production at Azeri-Chirag-Guneshli field should also increase this year due to the new platform.
According to OPEC report, the average daily production of oil and other liquid hydrocarbons in Azerbaijan was approximately 700,000 barrels.This, in yearly comparison, means a 40,000 barrels of decrease and is approximately 11,000 barrels more than the indicator of the previous growth rate forecast.
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