Ministry of Energy Predicts Date of Decline in Oil Production in Russia

Azerbaijan's oil production is expected to reach 640,000 barrels per day in 2025, according to forecasts from the International Energy Agency (IEA). The IEA has kept its oil production forecast for Azerbaijan unchanged from its previous assessment made last month. The agency predicts that Azerbaijan’s oil production will start at 610,000 barrels per day in the first quarter of 2025, increase to 630,000 barrels per day in the second quarter, and reach 650,000 barrels per day in the third quarter.

As part of the Istanbul Energy Forum, meetings were held in both bilateral and trilateral formats, with the participation of Azerbaijan's Energy Minister Parviz Shahbazov and Türkiye's Energy and Natural Resources Minister Alparslan Bayraktar.

On November 22, as part of the Istanbul Energy Forum, Azerbaijan's Energy Minister Parviz Shahbazov met with Hungary's Minister of Foreign Affairs and Trade, éter Szijjártó.

From January to October 2024, Azerbaijan exported 495,484.05 tons of petroleum products, amounting to $309.02 million,  the monthly report of Azerbaijan's State Customs Committee. According to the report, the value of petroleum product exports decreased by 40.3% compared to the same period in 2023, and the volume dropped by 40.7%. In 2023, Azerbaijan exported 925,225.07 tons of petroleum products worth $572.21 million.