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BAKU, Azerbaijan - OPEC + may consider leaving its current oil output cuts in place from Jan. 1 at its next meeting on Sunday, Azerbaijan 's Energy Minister Parviz Shahbazov told Reuters, as the group had already postponed hikes amid demand worries. Azerbaijan is a member of the OPEC + group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, which will meet on Dec. 1.
Oil production for 2024 and 2025 is expected to be 29 million tons per year, or 580,000 bpd, Shahbazov added.Azerbaijan's gas exports to Europe are expected to average 12.5 billion cubic metres per year in 2024 and 2025, he said.The country expects its gas production to be 50 bcm this year, of which 25 bcm will be exported, the minister said. Next year, output is expected to rise to more than 50 bcm, with exports expected to stay stable.
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