"Daily average oil production in Azerbaijan to moderately rebound to 0.77 mbpd in 2022, Ann.az reports citing the forecast of S&P Global Ratings.
"Although over the medium term we forecast oil production declining toward 0.75 mpbd by 2025. Sustaining or increasing it will require additional investments at the existing oil fields, and it is unclear whether those will take place," says Agency.
It is noted in the report that Azerbaijan's economy depends significantly on the hydrocarbon sector, which is currently benefiting from favorable global oil prices. Oil and gas constitute almost 90% of exports and amount to 50% of Azerbaijan's GDP.