EIA changes outlook for oil production in Azerbaijan for next year

The oil production in Azerbaijan in 2023 is projected at 670,000 barrels per day (bpd), 30,000 bpd or 4.28% less than the forecast in May, Report informs, citing the Short-Term Energy Outlook by the Energy Information Administration of the US Department of Energy (EIA).

The forecast for the next year is 20,000 bpd or 2.9% lower than this year’s outlook.

In the first quarter of 2023, the country is expected to produce 680,000 bpd on average, 40,000 bpd or 5.56% less than the forecast in May, 20,000 bpd or 2.86% lower than the forecast for the first quarter of 2022.

Throughout the second quarter of 2023, the oil production in Azerbaijan will make up 660,000 bpd. According to the agency’s report, this figure is 30,000 bpd or 4.34% lower than forecast in May and 40,000 bpd or 5.71% less than the forecast for the production in the second quarter of 2022.

The agency predicts that the outlook for the oil production in Azerbaijan in the third quarter of 2023 will be 650,000 bpd, which is 30,000 bpd or 4.41% lower than May’s forecast, 40,000 bpd or 5.8% less than the outlook for the same period of 2022.

In the last quarter of 2023, the oil production in Azerbaijan is forecasted at 670,000 bpd, down 30,000 bpd or 4.28% from the previous forecast (May), and 20,000 bpd or 2.9% from the expectation for the 4th quarter of 2022.