OPEC shares its estimates for Azerbaijan’s liquids supply in 2024

Azerbaijan’s liquids supply for 2024 is forecast to rise by about 15 tb/d to an average of 0.7 mb/d, Report informs.

According to the OPEC Monthly Oil Market Report (MOMR), growth is forecast to come partly from the Shah Deniz, Absheron, and Umid-Babek gas condensate projects.

Production in Azerbaijan’s Azeri-Chirag-Gunashli (ACG) oil fields should also get a boost this year due to a seventh ACG platform.

Liquids supply in Azerbaijan is forecast to increase slightly by about 10 tb/d to average 0.7 mb/d in 2025. Production increases in several projects like ACG and Umid-Babek are expected to largely offset declines in other mature fields.

Azerbaijan’s liquids production in January fell by 8 tb/d, m-o-m, averaging 0.6 mb/d, which is a drop of 86 tb/d, y-o-y.

Crude production averaged 474 tb/d, with NGL output at 122 tb/d, according to official sources.