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Azerbaijan will gradually increase oil production for next 4 years

22 December 2020 12:46 (UTC +04:00)

Azerbaijan will increase oil production by 37 515,2 thousand tones in 2024, and this is 8,01% more in comparison to the forecast for 2021, APA-Economics reports citing “concept and forecast indicators of economic and social development of the Republic of Azerbaijan for 2021 and the next 3 years" included in the budget envelope.

According to the information, 34 730,5 thousand tones oil is forecasted to be produced in the country next year. These figures are expected to be 35 964,5 thousand barrel in 2022, and 37 006,6 thousand barrel in 2023.

Note that 31 668,1 thousand tones oil has been produced in Azerbaijan in January-November of this year, and this is 7,7% less than in annually comparison. 37 500 thousand tones oil has been produced in the country in 2019.