BAKU, Azerbaijan, July 15. The forecast for Azerbaijan's liquids supply in 2023 predicts a slight increase of 22,000 b/d, resulting in an average of 0.7 mb/d, TurkicWorld reports.

According to the data received from OPEC, this revision is a minor downward adjustment of 7 tb/d, attributed to lower-than-expected production from major oil fields in May.

In May, Azerbaijan's liquids production remained relatively stable compared to the previous month, averaging 0.7 mb/d, which represents a year-on-year decrease of 65,000 b/d. Official sources indicate that crude production averaged 511,000 b/d, while NGLs output reached 145,000 b/d.

As OPEC noted, although legacy reservoirs such as the Azeri-Chirag-Gunashli (ACG) oil fields are anticipated to decline, the ramp-up in production from other fields throughout the year is expected to offset these declines.

Meanwhile, Azerbaijan's oil-condensate production from January through June 2023 amounted to 15.2 million tons, while exports totaled 12.7 million tons.