EIA declares average daily oil production forecast in Azerbaijan for this year

In 2023, the average daily oil production in Azerbaijan is projected at 640,000 barrels (-10,000 barrels or 1.54%), Report informs referring to the May issue of the Short-Term Energy Outlook of the Energy Information Administration (EIA) of the US Department of Energy.

The EIA expects that in the first quarter of 2023, the average daily oil production in the country will be 650,000 barrels, the same as the previous month’s forecast, down 50,000 barrels, or 7.14%, from daily oil production figures in the first quarter of 2022.

In the second quarter of 2023, the average daily oil production in Azerbaijan will be 640,000 barrels, the same as the previous month’s outlook, 30,000 barrels, or 4.48%, less than the daily oil production figures for the second quarter of 2022.

The forecast for average daily oil production in Azerbaijan in the third quarter of 2023 will be 640,000 barrels, unchanged compared to the April forecast. This figure is 10,000 barrels, or 1.54%, less than in the third quarter of 2022.

In the last quarter of 2023, the forecast for the average daily oil production in Azerbaijan will be 650,000 barrels (the same as the April forecast). This is 20,000 barrels, or 2.99%, lower than the forecast figures for daily oil production in the fourth quarter of 2022.