Fitch Solutions company makes positive forecasts for Azerbaijan’s oil and gas industry in 2024 and expects the production of liquid hydrocarbons (oil and gas condensate – ed.) to increase for the first time since 2021, APA reports.
“Our Oil and Gas team holds a positive outlook for Azerbaijan’s hydrocarbons industry in 2024, expecting crude production to grow for the first time since 2021,” says the Company.
According to their forecasts, crude production will increase from -4.0% y-o-y in 2023 to 3.4% in 2024 and 4.1% in 2025 (694,700 bbl/d and 723,100 bbl/d respectively). Higher output typically correlates with higher export volumes too: “Azerbaijan’s oil production will continue to experience a broad trend of decline over the years ahead, production having peaked at 1.7mn bbl/day in 2009.”
The Company notes that the country’s non-oil sector accounted for 54.3% of total GDP in November 2023 (compared to 63.4% in 2015), indicating that diversification is underway/
Source: Azeri-Press news agency