EIA keeps its 2023 forecast for oil production in Azerbaijan stable

The average daily oil production in Azerbaijan is predicted to be 640,000 barrels in 2023, Report informs, citing the Short-Term Energy Outlook of the Energy Information Administration (EIA) under the US Department of Energy.

The forecast for oil production for next year is the same as compared to the estimates given earlier in October. Next year's forecast is 30,000 barrels or 4.48% less than this year's daily oil forecast.

In the first quarter of 2023, the average daily oil production in Azerbaijan is expected to be 650,000 barrels. This figure is the same as compared to the forecast given in October. This forecast is 50,000 barrels, or 7.14% less than the daily oil production in the first quarter of 2022.

In the second quarter of 2023, daily oil production in Azerbaijan is expected to be 640,000 barrels. According to the agency's report, this is more than the forecast given in October. It is 30,000 barrels or 4.48% less than the daily oil production in the second quarter of 2022.

The agency believes that in the third quarter of 2023, the average daily oil production forecast in Azerbaijan will be 630,000 barrels - the same as the estimates given in October. This forecast is 20,000 barrels or 3.08% less than the indicators of daily oil production in the third quarter of 2022.

In the last quarter of 2023, the average daily oil production forecast in Azerbaijan is forecast to be 640,000 barrels. This figure is the same as compared to the estimates given in October. Also, this is 20,000 barrels or 3.03% less than the daily oil production forecasts for the fourth quarter of 2022.