31 Oct 2024 21:45

IMF maintains forecast for Azerbaijani oil production at 0.6 mln bpd in 2024-2025

BAKU. Oct 31 (Interfax) - Azerbaijan could produce an average daily 0.6 million barrels per day of oil in 2024-2025, as in 2023, the International Monetary Fund said in its October regional outlook for the Middle East and Central Asia.

The forecast is unchanged from the IMF's April regional outlook.

Gas production could average 0.9 million barrels of oil equivalent per day in 2024-2025, as in 2023.

The IMF predicts Azerbaijan's oil and gas exports will be unchanged in 2024-2025 at 0.5 million bpd and gas at 0.4 million boepd, respectively.

The fiscal breakeven oil price for Azerbaijan will be $79.6 per barrel in 2024 and $73.2 in 2025, compared with $55.2 in 2023.

The fiscal breakeven oil price is a price point at which the state's financial losses and profits converge and are balanced.

The state budget sets the oil price at $75 per barrel for 2024 and $70 per barrel for 2025.