The average daily oil production in Azerbaijan in 2023 is projected at 700,000 barrels, Report informs citing the March issue of the Short-Term Energy Outlook report by the Energy Information Administration of the US Department of Energy (EIA).
The forecast for oil production for the next year is 10,000 barrels or 1.41% less than the forecast in February. The forecast for next year is 30,000 barrels or 4.11% less than the daily oil forecast for this year.
It is expected that in the first quarter of 2023, the average daily oil production in the country will be 710,000 barrels. This figure is 10,000 barrels or 1.39% less than the forecast in February, 20,000 barrels or 2.74% less than the forecast for daily oil production for the first quarter of 2022.
It is expected that in the second quarter of 2023 as well, daily oil production in Azerbaijan will amount to 700,000 barrels. According to the agency’s report, this is 10,000 barrels or 1.41% less than forecast in February, and 40,000 barrels or 5.4% less than the daily oil production in the second quarter of 2022.
The agency predicts that in the third quarter of 2023, the forecast for the average daily oil production in Azerbaijan will be 690,000 barrels. These volumes are also 10,000 barrels or 1.43% less than forecast in February, and 40,000 barrels or 5.5% less than the forecast figures for daily oil production in the third quarter of 2022.
In the last quarter of 2023, the forecast for average daily oil production in Azerbaijan will be 710,000 barrels. This figure is 10,000 barrels or 1.39% less than the forecast in February, and 20,000 barrels or 2.74% less than the forecast figures for daily oil production in the fourth quarter of 2022.