BAKU, Azerbaijan, October 15. Azerbaijan produced almost 21.67 million tons of oil with condensate from January through September 2024, down 4.1 percent year on year.
Data obtained by Trend from the Azerbaijani State Statistics Committee shows that out of this volume, 21.62 million tons accounted for commercial oil, which is four percent less than the same period in 2023.
As of October 1, 2024, warehouses kept 207,300 tons of commercial oil.
In 2023, Azerbaijan extracted 30.2 million tons of oil along with condensate.
The Short-Term Energy Outlook's October report from the International Energy Agency (IEA) has kept its forecast for Azerbaijan's average daily oil output at 0.64 million barrels per day (mb/d) in 2025.
The IEA expects this figure to start at 0.62 mb/d in the first quarter of 2025, increasing to 0.63 mb/d in the second quarter, and further to 0.65 mb/d in the third quarter.