OPEC Revises Oil Production Forecast for Azerbaijan

Baku – OPEC has revised its forecast for Azerbaijan’s average daily production of oil and other liquid hydrocarbons for 2023.

According to Azeri-Press News Agency, citing OPEC’s monthly report, the forecast for 2023 is set at an average of 700,000 barrels per day, a decrease of 20,000 barrels annually and 10,000 barrels more than the previous growth rate forecast. This downward adjustment is attributed to lower-than-expected production in Azerbaijan’s main oil fields in August. However, the forecast for 2024 remains unchanged, with daily production expected to stabilize at 700,000 barrels. In 2022, the average production was reported at 700,000 barrels, marking a reduction of 65,000 barrels compared to the previous year.