EIA cuts forecast for Azerbaijan’s oil production in 2023

The oil production in Azerbaijan in 2023 is projected at 700,000 barrels per day (bpd), 20,000 bpd or 2.78% less than the forecast in March, Report informs citing the May issue of the Short-Term Energy Outlook report by the Energy Information Administration of the US Department of Energy (EIA).

The forecast for the next year is 20,000 bpd or 2.78% lower than this year’s outlook.

In the first quarter of 2023, the country is expected to produce 720,000 bpd on average, 10,000 bpd or 1.41% more than the forecast in April, 20,000 bpd or 2.86% higher than the forecast for the first quarter of 2022.

Throughout the second quarter of 2023, the oil production in Azerbaijan will amount to 690,000 bpd. According to the agency’s report, this figure is 10,000 bpd or 1.43% less than forecast in April and 30,000 bpd or 4.17% lower than the forecast for the production in the second quarter of 2022.

The agency predicts that the forecast for the oil production in Azerbaijan in the third quarter of 2023 will be 680,000 bpd, which is 10,000 bpd or 1.45% lower than April’s forecast, 50,000 bpd or 6.85% less than the outlook for the same period of 2022.

In the last quarter of 2023, the oil production in Azerbaijan is forecasted at 700,000 bpd, down 10,000 bpd or 1.41% from the previous forecast (April), and 20,000 bpd or 2.78% from the expectation for the 4th quarter of 2022.