Oil output in Azerbaijan forecasted at 0.65 mln bpd in 2023-2024 - IMF

BAKU. May 12 (Interfax) - Daily oil production in Azerbaijan in 2023-2024 will reach 650,000 barrels, according to the International Monetary Fund's May regional review of the countries of the Middle East and Central Asia.

In 2022, production totaled 660,000 bpd, the IMF said.

Gas production in the country in 2023 will reach 830,000 bpd of oil equivalent versus 790,000 bpd of oil equivalent in 2022. In 2024, the forecast is for 920,000 bpd.

The IMF predicts that oil exports from Azerbaijan in 2023-2024 will reach 520,000 bpd against 530,000 bpd in 2022; gas in 2023 will be 440,000 bpd of oil equivalent versus 390,000 bpd in 2022 and in 2024, gas will reach 470,000 bpd of oil equivalent.

The fiscal breakeven oil price for Azerbaijan in 2023 will be $77 per barrel, and $78.2 in 2024. In 2022, the breakeven price was $63.6 per barrel.

The breakeven price is the price point at which the state's financial costs and revenues are in equilibrium.

In Azerbaijan's 2023 the state budget, the price of oil is set at $50 per barrel.