EIA lowers outlook for oil production in Azerbaijan

In 2022, the average daily oil production in Azerbaijan is projected at 690,000 barrels, down 30,000 barrels or 4.17% from May's forecast, Report informs, citing the June 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 700,000 barrels, 20,000 barrels or 2.78% less than the forecast in the EIA's May report. It is the same as the daily oil production figures for the second quarter of 2021.

The forecast for average daily oil production in Azerbaijan in the third quarter of 2022 will be 690,000 barrels, 40,000 barrels or 5.48% less than the forecast in the EIA's May report. At the same time, this figure is 20,000 barrels or 2.82% less 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 690,000 barrels, down 30,000 barrels or 4.17% from May's forecast. It is 20,000 barrels or 2.9% less than the daily oil production in the fourth quarter of 2021.