BAKU, Azerbaijan, September 13. The International Energy Agency (IEA) anticipates that Azerbaijan's oil production will reach 0.63 mb/d in 2023.
According to the data obtained by Trend from the Agency, the projection has been left unchanged, compared to the previous assessment.
Consequently, it is estimated that the country's oil production in the first and second quarters of 2023 stood at 0.64 mb/d and 0.62 mb/d, respectively. Simultaneously, the IEA predicts that Azerbaijan's crude output for the third quarter of 2023 will amount to 0.63 mb/d and will increase to 0.65 mb/d in the fourth quarter of 2023. The quarterly forecast has been upgraded by 0.1 mb/d both for 3Q and 4Q2023.
Looking ahead, the IEA's forecast indicates that Azerbaijan's oil production in the first quarter of 2024 is expected to rise to 0.67 mb/d and remain at this level throughout the year. The forecast for the next year has also stayed unchanged month-on-month.
According to the IEA, Azerbaijan's oil production in 2022 is estimated to have been 0.67 mb/d.
Meanwhile, Azerbaijan produced 20.3 million tons of oil (including condensate) from January through August 2023.
