EIA announces its forecast for Azerbaijan’s oil production in 2022

The daily oil production of Azerbaijan is expected to make up 760,000 barrels in 2022, down 20,000 barrels or 2.56% from the previous forecast, Report informs, referring to the U.S. Energy Information Administration’s (EIA) Short Term Energy Outlook – July 2021.

In the first quarter of 2022, the average daily oil production in the country is expected to be 760,000 barrels, 10,000 barrels or 1.3% less than June’s forecast, 20,000 barrels or 2.7% more than the forecast for daily oil production in the first quarter of 2021.

According to the Agency, the oil production in the second quarter of 2022 will be 770,000 barrels, 20,000 barrels or 2.53% lower than June’s forecast, 80,000 barrels or 11.6% higher than the forecast for the second quarter of 2021.

The agency estimates that the average daily production in Azerbaijan in the third quarter of 2022 will be 750,000 barrels. This figure is 10,000 barrels or 1.3% less than the previous forecast, 50,000 barrels or 7.14% more than the forecast for the third quarter of 2021.

For the fourth quarter of 2022, the production is forecasted at 780,000 barrels, showing 10,000 barrels or a 1.26% decrease compared to the forecast of June. This figure increased by 40,000 barrels or 5.4% compared to the estimates for the same period of 2021.