IMF forecasts Azerbaijan's oil production at 0.6 mln bpd in 2025-2026

BAKU. May 5 (Interfax) - Azerbaijan's average daily oil production in 2025-2026 will remain at 0.6 million barrels, the same level as in 2024, according to the International Monetary Fund's May regional review for the Middle East and Central Asian countries.

The IMF projects that Azerbaijan's oil production will decline to 0.5 million barrels per day by 2030.

The IMF estimates the country's gas production will be 0.9 million barrels of oil equivalent per day in 2025-2026 (unchanged from 2024), remaining at 0.9 million boe per day through 2030.

Azerbaijan's oil and gas exports are expected at 0.5 million bpd and 0.5 million boe per day respectively this year and next, with similar volumes projected for 2030.

According to IMF calculations, Azerbaijan's fiscal breakeven oil price will be $87.3 per barrel this year, $85.6 in 2026 and $91.3 by 2030. The 2024 breakeven price stood at $68.1 per barrel.

The breakeven price represents the equilibrium point where state revenues balance expenditures.

Azerbaijan's 2025 state budget assumes an oil export price of $70 per barrel, with $65 per barrel projected for 2026.