BAKU, Azerbaijan, July 13. The International Energy Agency (IEA) expects Azerbaijan’s oil production to stand at 0.64 million barrels per day (mb/d) in 2023, Trend reports.
The forecast has been slightly revised down by 0.1 mb/d, compared to the previous estimations.
As such, the country's oil production in 1Q2023 and 2Q2023 is estimated to have totaled 0.64 mb/d and 0.62 mb/d, respectively. At the same time, the agency expects Azerbaijan's crude output in 3Q2023 to stand at 0.64 mb/d, and in 4Q2023 - 0.65 mb/d.
Meanwhile, the country's oil output in 1Q2024 is forecast to jump up to 0.67 mb/d, and to increase to 0.68 mb/d in 2024 as a whole.
According to the IEA, Azerbaijan's oil production in 2022 is estimated at 0.67 mb/d.
By end of 2022, oil production in Azerbaijan reached 32.6 million metric tons (including condensate). Oil exports amounted to over 26 million metric tons, which is 4 percent, or approximately 1.09 million metric tons, less than in 2021.
Overall, the plan for this year is to extract 33.4 million metric tons of oil in Azerbaijan.