U.S. Energy Department maintains 2024, lowers 2025 liquids production forecasts for Azerbaijan

BAKU. Aug 7 (Interfax) - The U.S. Energy Department's Energy Information Administration has maintained its forecast for liquid hydrocarbons production in Azerbaijan in 2024 and lowered its forecast for 2025 by 10,000 barrels per day.

The EIA said in its monthly outlook that liquids production in the country would average at 0.61 million bpd in 2024, in line with its July forecast, with the same figure expected in the June and May forecasts. Actual oil production in Q1 2024 was 0.60 million bpd, and in Q 2 2024 it was 0.59 million bpd. The new forecast for Q3 is 0.61 million bpd, as forecast in June, and the Q4 forecast is 0.62 million bpd, as forecast in July.

The EIA forecasts liquids production in Azerbaijan will average at 0.65 million bpd in 2025, the June forecast being 0.66 million bpd, including 0.63 million bpd in Q1 (down from 0.64 million bpd), 0.65 million bpd in Q2 (unchanged), and 0.65 million bpd in each of Q3 and Q4 (unchanged).

It said liquids production in Azerbaijan amounted to 0.62 million bpd in 2023.