EIA lowers average daily oil production outlook in Azerbaijan

In 2022, the average daily oil production in Azerbaijan is projected at 710,000 barrels, down 20,000 barrels or 2.74% from the March's forecast, Report informs, citing the April issue of the US Department of Energy's Energy Information Administration (EIA) Short-Term Energy Outlook.

In the second quarter of 2022, Azerbaijan's daily oil production is expected to be 710,000 barrels, 30,000 barrels or 4.05% less than the forecast in the EIA's March report. It is 10,000 barrels or 1.43% more than the daily oil production in the second quarter of 2021.

The forecast for average daily oil production in Azerbaijan in the third quarter of 2022 will be 730,000 barrels. According to the EIA, this is the same as the forecast given in the March outlook. At the same time, this figure is 20,000 barrels or 2.82% more than daily oil production in the third quarter of 2021.

In the last quarter of 2022, according to the forecast, the average daily oil production in Azerbaijan will make up 720,000 barrels, showing a 10,000 barrels or 1.37% decline in comparison with the previous March forecast. It is 10,000 barrels or 1.41% more than the daily oil production in the fourth quarter of 2021.