OPEC maintains Azerbaijan's liquid hydrocarbon production forecast for 2024-2025

BAKU. March 13 (Interfax) - OPEC expects the average daily production of liquid hydrocarbons in Azerbaijan in 2024-2025 to be about 0.7 million barrels.

The OPEC monthly report for January 2024 shows that production of liquid hydrocarbons in Azerbaijan averaged 0.6 million bpd, 8,000 bpd less than in December 2023. Meanwhile, the decrease in production was 86,000 bpd YoY.

OPEC said that, according to official sources, January oil production in Azerbaijan averaged 474,000 bpd, while condensate production was 122,000 bpd. OPEC predicts that the average daily production of liquid hydrocarbons in Azerbaijan in 2024 will increase approximately 15,000 bpd, but the daily average will remain at 0.7 million barrels. Production will be partially provided by the Shah Deniz, Absheron and Umid Babek gas condensate projects, OPEC said.

"Production in Azerbaijan's ACG oil fields should also get a boost this year due to a seventh ACG platform," OPEC said. However, the report also says that this is not expected to stop the overall rate of decline (of oil production at ACG).

OPEC forecasts an increase in oil production in Azerbaijan in 2025 of approximately 10,000 bpd, but the average daily figure will remain at approximately 0.7 million bpd.