The Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for the average daily production of oil and other liquid hydrocarbons in Azerbaijan for 2023, and increased for 2024, APA-Economics reports citing the monthly report of OPEC.
According to the OPEC forecast, in 2023, the mentioned indicator will be at the level of 700 thousand barrels on average, which is 11 thousand barrels less than the annual comparison and 11 thousand barrels less than the previous growth rate forecast indicator.
Noted that the downward correction of the forecast was due to lower-than-expected production in the main oil fields in August.
The report forecasts that Azerbaijan's daily production of liquid hydrocarbons will drop 10,000 barrels (the previous forecast was 20,000 barrels) and will average to 0,7 mln. barrells in 2024.
According to the report, in 2022, the mentioned indicator was at the level of 700 thousand barrels on average, which is 65 thousand barrels less than the annual comparison.
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