IMF forecasts for 2024-2025 natural gas production and exports in Azerbaijan

The International Monetary Fund (IMF) forecasts that Azerbaijan's daily natural gas production will be 900 million cubic meters in 2024, Report informs, citing IMF's Regional Economic Outlook: Middle East and Central Asia.

The fund has maintained the same forecast figure for 2025. While the average daily natural gas production in 2023 was also at 900 million cubic meters, this indicator was 100 million cubic meters or 12.5% less in 2020-2022.

According to the IMF, Azerbaijan's daily natural gas exports are expected to be at 400 million cubic meters in 2024 and 2025. The same indicator was observed in 2021-2023. In 2020, this figure was 200 million cubic meters or half as much.

According to the State Statistics Committee, Azerbaijan produced 37.11 billion cubic meters of natural gas in January-September 2024. Of this, 28.255 billion cubic meters was commercial natural gas. During the reporting period, natural gas production increased by 3.4% year-on-year, while commercial gas production increased by 5.2%.

According to the State Customs Committee, based on customs declarations, Azerbaijan exported 18.731 billion cubic meters of natural gas in the first 9 months of 2024. The value of natural gas exported from Azerbaijan amounted to over $6.075 billion. During the reporting period, the volume of exported natural gas decreased by 8.3% and its value by 46.8% compared to the first 9 months of 2023. Natural gas accounted for 30.6% of Azerbaijan's total exports.