OPEC raises oil production forecast for Azerbaijan

OPEC has increased its forecast for the average daily production of petroleum and other liquid hydrocarbons in Azerbaijan, Azernews reports.

According to the latest monthly oil market report, Azerbaijan`s liquid supply for 2023 is forecasted to rise by 60,000 barrels per day amounting to 0.8 million barrels per day in agreement with voluntary production adjustments agreed on at the 33rd OPEC and non-OPEC Ministerial Meeting.

“Growth is forecast to come from the Shah Deniz and Absheron condensate projects. Production could rise further after output starts up at the Azeri Central East flank project in 2023” the report says.