Average daily oil production in Azerbaijan is predicted at 640,000 barrels in 2023, Report informs, citing the December issue of the US Energy Information Administration’s (EIA) Short-Term Energy Outlook.
The forecast for oil production in 2022 is the same as compared to the forecast given earlier in November. Next year's forecast is 30,000 barrels or 4.48% less than this year's daily oil forecast.
In the first quarter of 2023, the average daily oil production in the country is expected to be 650,000 barrels, the same as in November. This forecast is 50,000 barrels or 7.14% less than the indicator of daily oil production of the first quarter of 2022.
In the second quarter of 2023, daily oil production in Azerbaijan is expected to be 630,000 barrels. According to the agency's report, this is 10,000 barrels and 1.6% less than the forecast given in November. And it is 40,000 barrels or 5.97% less than the daily oil production indicators of the second quarter of 2022.
EIA believes that in the third quarter of 2023, the average daily oil production forecast in Azerbaijan will be 630,000 barrels. These volumes are the same as compared to the forecast given in November. However, this forecast is 20,000 barrels or 3.08% less than the indicators of daily oil production in the third quarter of 2022.
The forecast says that the average daily oil production in Azerbaijan will be 640,000 barrels in the last quarter of 2023. This figure is the same as compared to the forecast given in November. Also, this is 10,000 barrels or 1.54% less than the daily oil production forecasts in the fourth quarter of 2022.