EIA revises projections for Azerbaijan's oil production in 2024-2025

Azerbaijan's oil output is projected to stand at 0.64 mb/d per day in 2025, Azernews reports.

The forecast provided by the US Energy Information Administration (EIA) remains unchanged compared to the estimations from the previous month.

Accordingly, the country's output is projected to increase by 0.04 mb/d from the estimated 0.60 mb/d anticipated for production in 2024.

Specifically, Azerbaijan's oil production is expected to reach 0.62 mb/d in the first quarter of 2025, followed by a subsequent rise to 0.64 mb/d in the second quarter. The EIA foresees further growth to 0.66 mb/d in the third quarter, and to 0.65 mb/d in the fourth quarter of the following year.

For 2024, the EIA forecasts Azerbaijan to achieve 0.60 mb/d in the first quarter, stabilizing around 0.61 mb/d in the fourth quarter.

The EIA noted that Azerbaijan produced 0.62 mb/d of crude in 2023, representing a decrease of 0.05 mb/d year-on-year.

Meanwhile, according to the operational data provided by the Ministry of Energy, Azerbaijan produced 7.3 million tons of oil, including condensate, from January through March 2024, which is 5.2 percent less than in the same period of 2023 (7.7 million tons).