Azerbaijan predicts increase in commercial oil output until 2023

The dynamics of economic growth in Azerbaijan are significantly influenced by the volumes of production in the oil and gas sector. According to the latest data, in 2025, the volume of commercial oil production in Azerbaijan is projected at 34.7 million tons, an increase of 0.5% compared to 2020, which will sufficiently affect the rate of economic growth, Report informs, citing the bill "On the state budget for 2022".

The document notes that by the end of 2021, Azerbaijan is expected to produce 34.6 million tons of commercial oil, which is 0.3% more than in 2020.

In 2022, Azerbaijan is projected to produce 34.8 million tons of crude oil, which is 0.58% more than expected in 2021.

In 2023, production of 35.8 million tons of commercial crude oil is projected in Azerbaijan, which is 2.9% more than the forecast for 2022.

Under the document, the production of 35.7 million tons of commercial crude oil is forecasted in the country in 2024, which is 0.27% less than the production forecast for 2023. In 2025, Azerbaijan plans to produce 34.7 million tons of commercial oil, which is 2.8% less than the forecast for 2024.