Azerbaijan’s oil output fell by 4.8% to 24.1 million metric tons in the first 10 months of 2024, from 25.3 million tons a year earlier, the Energy Ministry said on Monday.

Production of oil in Azerbaijan has been declining for several years as the output at Azeri–Chirag–Gunashli complex of offshore oilfields, operated by BP, has passed its peak.

Azerbaijan is a member of the OPEC+ group of leading oil producers, which has been curbing output to prop up prices.

According to a report published by Ministry Energy on Monday, Azerbaijan’s oil production in October edged up to 484,000 barrels per day (bpd) from 481,000 bpd in September.

That is below the country’s production quotas of 551,000 bpd for 2024 and 2025 set out under the OPEC+ output deal.

Oil exports in the January-October period dropped to 19.9 million tons from 21 million tons last year, Azerbaijan’s ministry said.

Gas exports to Europe during the period rose to 10.6 billion cubic metres from 9.8 billion cubic metres a year earlier, according to the Energy ministry.

Overall, Azerbaijan’s gas exports increased to 20.7 billion cubic metres, from 19.8 billion cubic metres in the same period of 2023.

Azerbaijan’s natural gas exports have been in focus in Europe due to the expiration of a deal for Russian gas transit via Ukraine after Dec. 31 this year.
Source: Reuters (Reporting by Nailia Bagirova; Writing by Lucy Papachristou; editing by Guy Faulconbridge and David Evans)