U.S. Energy Information Administration (EIA) has lowered its forecast on Azerbaijan’s daily oil production in 2021 by 20,000 barrels of 2.6% to 750,000 barrels, Report informs, referring to Short-Term Energy Outlook – April 2021.
In the second quarter of 2021, the production is expected to be 730,000 barrels, down 30,000 barrels or 3.94% from March’s forecast, up 30,000 barrels or 4.3% from a year earlier.
The average daily production in the third quarter of 2021 will be 730,000 barrels, showing a decline of 40,000 barrels or 5.2% in comparison to the previous forecast, an increase of 60,000 barrels or 8.95% in contrast with the third quarter of 2020.
For the fourth quarter, the production is forecasted at 770,000 barrels, which is 20,000 barrels or 2.53% less than the forecast of March, 80,000 barrels or 11.6% more than the same period of 2020.