Baku: The International Energy Agency (IEA) has unveiled its forecast for Azerbaijan’s average daily crude oil production in 2030, highlighting a notable decline, APA-Economics reports, citing the Agency’s report “Oil 2025: Analysis and Forecast to 2030”.

According to Azeri-Press News Agency, the IEA’s report predicts that Azerbaijan’s crude oil production will reach 420 thousand barrels per day in 2030, excluding condensate. This projection indicates a decrease of 60 thousand barrels per day compared to the 2024 production level.

The report further details that in 2024, Azerbaijan’s daily crude oil production was recorded at 480 thousand barrels. This anticipated reduction in production reflects broader trends and challenges facing the oil industry in the region and globally.