EIA Updates Forecast On Azerbaijan's Oil Output In 2024-25

4/15/2024 2:11:56 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 15. Azerbaijan's oiloutput is projected to stand at 0.64 mb/d per day in 2025, Trend reports.

The forecast provided by the US energy InformationAdministration (EIA) remains unchanged compared to the estimationsfrom the previous month.

Accordingly, the country's output is projected to increase by0.04 mb/d from the estimated 0.60 mb/d anticipated for productionin 2024.

Specifically, Azerbaijan's oil production is expected to reach0.62 mb/d in the first quarter of 2025, followed by a subsequentrise to 0.64 mb/d in the second quarter. The EIA foresees furthergrowth to 0.66 mb/d in the third quarter, and to 0.65 mb/d in thefourth quarter of the following year.

For 2024, the EIA forecasts Azerbaijan to achieve 0.60 mb/d inthe first quarter, stabilizing around 0.61 mb/d in the fourthquarter.

The EIA noted that Azerbaijan produced 0.62 mb/d of crude in2023, representing a decrease of 0.05 mb/d year-on-year.

Meanwhile, according to the operational data provided by theMinistry of Energy, Azerbaijan produced 7.3 million tons of oil,including condensate, from January through March 2024, which is 5.2percent less than in the same period of 2023 (7.7 milliontons).

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