17:37 - 12.09.2023

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September 12, Fineko/abc.az. OPEC has lowered its forecast on average daily production of oil and other liquid hydrocarbons in Azerbaijan for 2023 and increased it for 2024.

ABC.AZ informs with reference to monthly OPEC report, in 2023 the average daily production of oil and other liquid hydrocarbons in the country will be at the level of 700,000 barrels, which in annual comparison means an increase of only 1 barrel and at the same time 10,000 barrels less than the previous forecast.

The decrease in the forecast is linked with the fact that in May production at the main oil fields was less than expected.

According to the report, in 2024, the average daily production of oil and other liquid hydrocarbons in the country will decrease by 20,000 barrels (the previous forecast provided for a reduction of 30,000 barrels) and will average 700,000 barrels.

In 2022, this indicator was at the level of 700,000 barrels (65,000 barrels less in annual comparison.