IMF increases forecast for Azerbaijan’s daily oil production in 2021

13 April 2021 11:52 (UTC+04:00)

By Ayya Lmahamad

The International Monetary Fund has increased its forecast for Azerbaijan's average daily oil production for 2021.

According to the Regional Economic Outlook for the Middle East and Central Asia for April, the country's daily oil production is forecasted to amount to 680,000 barrels this year, which is by 10,000 barrels more than in the previous report.

Meanwhile, the IMF has decreased its forecast of Azerbaijan’s daily oil production in 2022 to 660,000 barrels.

Moreover, the Fund estimates that Saudi Arabia, with 9.24 million barrels per day and Turkmenistan, with 190,000 barrels per day will be the largest oil producers in the Middle East and Central Asia.

Earlier, the IMF's World Economic Outlook for April projected Azerbaijan's economy to grow at 2.3 percent in 2021 and at 1.7 percent in 2022.

Azerbaijan joined the International Monetary Fund (IMF) on September 18, 1992. Since Azerbaijan's induction into the organization, the IMF has implemented several programs in Azerbaijan that foster economic growth.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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