“Oil output will remain at an average 0.65 million bbl per day (mbpd) through 2027,” - it was stated in the forecast of the international rating agency S&P Global Ratings, APA-Economics reports.
It was noted that production has been on a steady declining trend in recent years as key oil fields, such as Azeri-Chirag-Gunashli, continue to age, falling to 0.65 mbpd in 2023 from 0.79 mbpd in 2019. “As a result, Azerbaijan has been continuously producing below the quotas allocated to it by OPEC+. We expect some stabilization in the next few years as continued decline in some fields will be offset by small capacity additions at others. Longer term, however, production will likely continue falling,” - S&P added.
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