Azerbaijan's oil and gas sector is projected to experience fluctuations in production volumes, with both declines and increases expected in the coming years, APA reports.
This is reflected in the Republic of Azerbaijan's 2027 state budget package, which was submitted for discussion at the Economic Policy, Industry and Entrepreneurship Committee of the Milli Majlis.
It is noted that in 2024, the country produced 29.1 million tons of oil and 38.6 billion cubic meters of marketable gas. Although oil production declined to 27.7 million tons in 2025, marketable gas production increased to 38.9 billion cubic meters.
According to the report, oil production is expected to reach 26.8 million tons and gas production 37.8 billion cubic meters in 2026. In 2027, oil production is projected to decline to 26.6 million tons, while gas production is expected to fall to 35.6 billion cubic meters. The lowest production levels are expected in 2028, when oil production is projected to drop to 26.1 million tons and gas production to 33.2 billion cubic meters.
Following this decline, a new period of growth is expected to begin. Thus, oil production is projected to increase to 26.6 million tons and gas production to 35.3 billion cubic meters in 2029. In 2030, oil production is forecast to stabilize at 26.3 million tons, while marketable gas production is expected to increase to 36.6 billion cubic meters.
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