“In the first quarter of this year, oil production in Azerbaijan, together with condensate, decreased by more than 300 thousand tons. This means a decrease of approximately 25 thousand barrels per day. If the same pace continues, there could be a reduction of 1.2 million tons by the end of the year,” said Ilham Shaban, head of the Oil Research Center, in an interview with Medianews.az.
I. Shaban stated that in 2025, oil and condensate production in Azerbaijan decreased by 1.4 million tons compared to 2024: “Overall, between 2020-2025, commercial oil production in Azerbaijan decreased by 7 million tons, with an average annual decline rate of 1.17 million tons.
Interestingly, this decline also showed itself in condensate production during the first quarter of this year. “Although gas production in the Shah Deniz and Absheron fields showed a slight increase, liquid hydrocarbon production decreased.”
According to the report of the Ministry of Energy, between January and March 2026, 6.6 million tons of oil were extracted in Azerbaijan including condensate. Official production was 50.8 million tons in 2010, 50.4 million tons in 2009, 45.6 million tons in 2011, 44.5 million tons in 2008, 43.5 million tons in 2013, 43.4 million tons in 2012, 42 million tons in 2014, 41.6 million tons in 2015, 41 million tons in 2016, 38.8 million tons in 2018, 38.7 million tons in 2017, 37.4 million tons in 2019, 34.6 million tons in 2021, 34.5 million tons in 2020, 32.6 million tons in 2022, 30.2 million tons in 2023, 29.1 million tons in 2024, and 27.7 million tons in 2025.
For Azerbaijan’s 2026 budget, the price of one barrel of oil was taken as 65 dollars; “Azeri Light” branded Azerbaijani oil started January at 65.71, February at 69.72, March at 79.60, and April at 132.35 dollars.
The international coalition of exporters has set a daily crude oil production quota of 551 thousand barrels for Azerbaijan.
In the global market, oil prices sharply rose amid the wave of military operations conducted by the US and Israel against Iran from February 28 to April 8.
Nailə Qasımova,
Medianews.az