According to the monthly report of the Organisation of the Petroleum Exporting Countries (OPEC), Azerbaijan's average daily production of liquid hydrocarbons (LHC) is expected to remain stable at around 0.7 million barrels in both 2024 and 2025.

In January 2024, Azerbaijan's hydrocarbon production averaged around 0.6 million barrels per day (bpd), a slight decrease of 8,000 bpd compared to December 2023. There was also a significant decline of 86,000 bpd compared to January 2023.

In January 2024, Azerbaijan's oil production averaged 474,000 barrels per day, while condensate production reached 122,000 barrels per day. OPEC forecasts a slight increase in Azerbaijan's average daily production of liquid hydrocarbons by about 15,000 barrels per day in 2024. This increase is expected to be supported by projects such as the Shah Deniz, Absheron and Umid-Babek gas condensate projects.

In addition, OPEC expected an increase in production from the Azeri-Chirag-Guneshli (ACG) block in the Azerbaijani sector of the Caspian Sea following the commissioning of the seventh platform, Central East Azeri. However, despite these developments, OPEC estimates that the overall trend of declining oil production in the Azerbaijani economy will continue.

Looking ahead to 2025, OPEC projected a modest increase in oil production in Azerbaijan of around 10,000 bpd. The average daily production rate, however, is expected to remain unchanged at around 0.7 million bpd, indicating continued stability in Azerbaijan's hydrocarbon production landscape.