EIA changes outlook for Azerbaijan's oil production this year

The average daily oil production in Azerbaijan in 2022 is projected at 660,000 barrels.

Report informs referring to the July issue of the Short-Therm Energy Outlook of the US Energy Information Administration (EIA) that the forecast for oil production for this year is 20,000 barrels or 2.94% less than the forecast in July.

The agency believes that in the third quarter of 2022, the forecast for the average daily oil production in Azerbaijan will be 630,000 barrels, down 50,000 barrels or 7.35% from the outlook for July and 80,000 barrels or 11.28% from the figures for daily oil production in the third quarter of 2021.

In the last quarter of 2022, Azerbaijan is expected to produce 630,000 barrels per day, 40,000 barrels or 5.97% less than the forecast released by the agency in July, and 80,000 barrels or 11.26% from the daily oil production in the fourth quarter of 2021.