OPEC reveals forecasts for daily oil, condensate production in Azerbaijan in 2024-25

Production of liquid hydrocarbons in Azerbaijan will increase by approximately 14,000 barrels per day and reach an average of 700,000 barrels in 2024, according to the April release of the Organization of the Petroleum Exporting Countries (OPEC), Report informs.

Growth is forecast to come partly from the Shah Deniz, Absheron and Umid-Babek gas condensate projects. Production in Azerbaijan’s ACG (Azeri-Chirag-Gunashli) oil fields should also get a boost this year due to a seventh ACG platform.

In February 2024, liquid hydrocarbon production in Azerbaijan remained unchanged compared to the previous month, but decreased by an average of 62,000 barrels per day year on year, amounting to 600,000 barrels.

According to the OPEC report, the production of liquid hydrocarbons (oil with condensate - ed.) in Azerbaijan in the first quarter of 2024 is predicted at 600,000 barrels per day, in 2-4 quarters at 700,000 barrels per day.

In 2025, OPEC forecasts oil and condensate production in the country at 700,000 barrels per day.