BAKU, Azerbaijan, March 14. Azerbaijan's oil production volume in 2024 is anticipated to stand at 0.62 mb/d.
As per information sourced by Trend from the International Energy Agency (IEA), the forecast has been left unchanged, compared to the previous assessment.
It is anticipated that the country's oil production will reach 0.60 mb/d in 1Q2024, with a slight increase to 0.61 mb/d expected in 2Q2024 and a further rise to 0.62 mb/d projected in 3Q2024.
According to the IEA, Azerbaijan's oil production is estimated to have reached 0.62 mb/d in 2023.
Meanwhile, according to the operational data provided by the Ministry of Energy of Azerbaijan, from January through February 2024, the country's oil-condensate production stood at 4.8 million tons, while exports totaled 3.9 million tons.
In 2023, Azerbaijan produced a total of 30.19 million tons of oil and condensate, marking a 7.5 percent decrease from the previous year's figures in 2022.
For the year 2024, a production target of 29.5 million tons has been set.