Azerbaijan is expected to produce 0.9 million barrels of crude oil and natural gas liquid daily in 2015, OPEC reported on Tuesday.
In its "World Oil Outlook 2014," OPEC further projected that by 2020 the country's production rates will drop to an average of 0.8 million barrels daily and potentially may drop to as low as 0.7 by 2030.
"Azerbaijan's largest hydrocarbon basins (South Caspian and Kura) are located offshore in the Caspian Sea," the OPEC report said. "After a decade of strong growth that lifted total liquids output to 1.07 million bpd in 2010, Azerbaijan has witnessed a strong production decline."
Due to delays in production, the 2014 figure for liquid gas is at 9.87 million barrels a day. Assuming production issues are resolved, OPEC expects natural gas liquid to be up to 0.9 million barrels a day through 2018.
An estimate done by British BP stated that there was roughly 7 billion barrels worth of crude oil in the country's reserves.