The Organization of the Petroleum Exporting Countries (OPEC) has worsened its forecast for the average daily production of oil and other liquid hydrocarbons in Azerbaijan for 2023, but did not change it 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 700,000 barrels on average, which is a decrease of 20,000 barrels in annual comparison and is 10,000 barrells more than the previous growth rate forecast indicator.
It is noted that the downward correction of the forecast is due to lower-than-expected production in the main oil fields in August.
According to the report, in 2024, the daily production of the liquid hydrocarbons in Azerbaijan will remain stable at the level of 0,7 mln barrels (the forecast has not changed).
It is noted that in 2022, the mentioned indicator was at the level of 700,000 barrels on average, which is 65,000 barrels less in annual comparison.