The International Energy Agency (IEA) predicts an increase in oil production in Azerbaijan in 2024-2025 to 570 thousand barrels per day (b/d).

According to the agency, in 2023 oil production in the country will amount to 520 thousand b/d (according to the Ministry of Energy of Azerbaijan, 500 thousand barrels of oil were produced daily in the country in May of this year, which is by 6.2% lower than at the beginning of the year). In 2024, production will grow to 560 thousand b/d, in 2025 - to 570 thousand b/d.

The IEA predicts that from 2026 oil production in Azerbaijan will begin to decline again and in 2028 will fall to the level of 2023: in 2026 - 550 thousand b/d, in 2027 - 530 thousand b/d, in 2028 - 520 thousand b/s.

Source: Turan News Agency