Azerbaijan accounts for less than 1% of global oil production

In 2023, Azerbaijan accounted for 0.7% of the global oil production, according to the Statistical Review of World Energy released by the Energy Institute, Report informs.

According to the Energy Institute, in 2023, the total oil production in the country decreased by 7.5% to 30.2 million tons compared to 2022.

In addition, in 2023, crude oil and condensate production in Azerbaijan amounted to 619,000 barrels per day, 7.3% less than a year ago. Last year, the country accounted for 0.7% of the global daily oil production.

In 2022-2023, oil refining capacity in Azerbaijan remained at the level of 150,000 barrels per day (0.1% of world oil refining).