EIA decreases Azerbaijan’s 2024 daily oil production forecast

In 2024, average daily oil production in Azerbaijan is projected to be 600,000 barrels, Report informs, citing the March release of the Short-Term Energy Outlook of the Energy Information Administration (EIA) of the US Department of Energy.

The oil production forecast for this year is 10,000 barrels, or 1.64%, less than the February forecast.

The agency believes that in the first quarter of 2024, the forecast for average daily oil production in Azerbaijan will be 600,000 barrels. This is 10,000 barrels, or 1.64%, less than the forecast for February and 50,000 barrels, or 7.70%, less than the forecast for daily oil production in the first quarter of 2023.

In the second quarter of 2024, the forecast for average daily oil production in Azerbaijan will be 590,000 barrels, 20,000 barrels, or 3.28%, less than predicted figures in February, and 30,000 barrels, or 4.84%, less than the forecast for daily oil production in the second quarter of 2023.

In the third quarter of 2024, the forecast for average daily oil production in Azerbaijan will be 600,000 barrels. This is 10,000 barrels, or 1.64%, less than February's forecast, and 20,000 barrels, or 3.23%, less than the forecast for daily oil production in the third quarter of 2023.

In the fourth quarter of 2024, the forecast for average daily oil production in Azerbaijan will be 610,000 barrels, down 10,000 barrels, or 1.62%, from the predicted figures in February, and the same as the forecast for daily oil production in the fourth quarter of 2023.