Forecasts for Azerbaijan's oil production in 2022-2024

Azerbaijan is expected to produce more than 34 million tons of oil in 2022-2024, Azerbaijani Energy Minister Parviz Shahbazov said at the conference titled "Azerbaijan's development model: Yesterday, today and tomorrow," Report informs.

The minister said that gas production is expected to reach 50 billion cubic meters in 2024, following the growth dynamics in the coming years.

According to the government's forecasts, 34,830,300 tons of crude oil are expected to be produced in Azerbaijan in 2022.

In 2023, Azerbaijan is projected to produce 35,752,700 million tons of crude oil, 2.65% more than the forecast for 2022. In 2024, the country is expected to produce 35,672,000 tons of crude oil, which is 0.22% less than the 2023 production forecast.

According to forecasts, Azerbaijan is expected to produce 34,707,600 tons of oil in 2025, showing a 2.7% decline compared to the forecast for 2024.

Daily oil production (including condensate) in November 2021 amounted to 708,400 barrels. Of this, 588,900 barrels were crude oil and 119,500 barrels condensate.

The agreement reached at the 21st meeting of OPEC + ministers envisaged an increase in daily crude oil production in Azerbaijan by another 7,000 barrels in November to 647,000 barrels and a reduction commitment of 71,000 barrels.

Under the agreement reached at the 22nd ministerial meeting, Azerbaijan's commitment to reduce production in December amounted to 64,000 barrels per day. It allows the country to produce 7,000 barrels more crude oil per day in December than in the previous month, or 654,000 barrels.