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 2022, APA-Economics reports citing the monthly report of OPEC.
According to the OPEC forecast, in 2022, the mentioned indicator will be at the level of 700 thousand barrels on average, which is 27 thousand barrels less than the annual comparison. The growth rate forecast has been reduced by 21,000 barrels compared to the previous probable indicator.
According to the report, the country's average daily production of oil and other liquid hydrocarbons in 2023 is predicted to be at the level of 800,000 barrels, which means an increase of 59,000 barrels compared to the previous year and 10,000 barrels more than the previous forecast.
Notably, the daily production of oil and other liquid hydrocarbons in Azerbaijan for 2021 was at the level of 740 thousand barrels. In 2020, the average daily production of oil and other liquid hydrocarbons in Azerbaijan amounted to 730 thousand barrels, which is 60,000 barrels less than in 2019.
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