Azerbaijan’s oil production in January and February is down 6.3% on an annual basis

Parviz Shahbazov, the Energy Minister of Azerbaijan, said that the oil production in the first two months fell 6.3% compared to the previous year.

According to the Minister, oil exports between January and February dropped from 3.9 millions tonnes to 3.7 in 2024.

Azerbaijan’s oil production is on a downward trend since its peak in 2010.

Minister also stated that the natural gas exports into Europe dropped to 1.9 billion cube metres (bcm), from 2.1 bcm, a year ago. The total gas exports for the period, including Turkey, fell to 3.8 billion cubic metres (bcm) from 4.1 billion cubic metres.

The drop in exports was due to the suspension of gas supplies from the Shah Deniz Alpha Platform, one of the two platforms in Shah Deniz being developed by a BP led consortium, for a few days at the start of the year.

Azerbaijan's gas supplies have come under scrutiny amid a reduction in Russian gas exports through Ukraine. Azerbaijan will be expected to double their exports to Europe by 2027, to at least 20 billion cu m per year. (Reporting and Editing by Tomaszjanowski)

(source: Reuters)