EIA changes outlook for oil production in Azerbaijan for next year

The oil production in Azerbaijan in 2023 is projected at 610,000 barrels per day (bpd), 40,000 bpd or 6.15% less than the forecast in July, Report informs, citing the Short-Term Energy Outlook by the US Energy Information Administration (EIA).

The forecast for the next year is 50,000 bpd or 7.57% lower than this year’s outlook.

In the first quarter of 2023, the country is expected to produce 620,000 bpd on average, 40,000 bpd or 6.06% lower than the forecast in July, 80,000 bpd or 11.43% less than the figures in the first quarter of 2022.

Throughout the second quarter of 2023, the oil production in Azerbaijan will make up 600,000 bpd. According to the agency’s report, this figure is 50,000 bpd or 7.69% lower than the forecast in July and 70,000 bpd or 10.44% less than the figures in the second quarter of 2022.

The agency predicts that the outlook for oil production in Azerbaijan in the third quarter of 2023 will be 600,000 bpd, down 40,000 bpd or 6.25% from July’s forecast, 30,000 bpd or 4.76% from the outlook for the same period of 2022.

In the last quarter of 2023, the oil production in Azerbaijan is expected to be 610,000 bpd, down 40,000 bpd or 6.15% from the previous forecast (July), and 20,000 bpd or 3.17% from the expectation for the 4th quarter of 2022.