EIA downgrades forecast for oil production in Azerbaijan for next year

In 2022, the average daily oil production in Azerbaijan is projected at 750,000 barrels, Report informs referring to the November issue of the US Energy Information Administration’s (EIA) Short-Term Energy Outlook.

The forecast for oil production for next year is 50,000 barrels or 6.3% less than the previous forecast.

In the first quarter of 2022, Azerbaijan’s average daily oil production is expected to reach 750,000 barrels. This is 60,000 barrels or 7.4% less than the forecast for September. This forecast is the same as the forecast for daily oil production in the first quarter of 2021.

In the second quarter of 2022, Azerbaijan’s daily oil production is also expected to reach 750,000 barrels. According to the agency, this is 50,000 barrels or 6.3% less than the forecast in the EIA’s September report. This forecast is 50,000 barrels or 7.1% more than the forecast for daily oil production in the second quarter of 2021.

The agency estimates that the average daily oil production in Azerbaijan in the third quarter of 2022 will be 750,000 barrels. This is 30,000 barrels or 3.8% less than the previous forecast. This forecast is 40,000 barrels or 5.6% more than the forecast for daily oil production in the third quarter of 2021.

In the last quarter of 2022, the forecast for average daily oil production in Azerbaijan is 740,000 barrels. This is 70,000 barrels or 8.6% less than the forecast released by the agency in September. This forecast is 20,000 barrels or 2.8% more than the forecast for daily oil production in the fourth quarter of 2021.