EIA leaves forecast for Azerbaijan’s 2023 oil production unaltered 

The oil production in Azerbaijan in 2023 is projected at 640,000 barrels per day (bpd), the same as September’s forecast, 30,000 bpd or 4.48% less than the forecast for this year, Report informs, citing the Short-Term Energy Outlook by the US Energy Information Administration (EIA).

In the first quarter of 2023, the country is expected to produce 650,000 bpd on average, the same as in September, 50,000 bpd or 7.14% less than the figures in the first quarter of 2022.

Throughout the second quarter of 2023, the oil production in Azerbaijan will make up 640,000 bpd. According to the agency’s Report, the production will remain unchanged in comparison to the previous month’s outlook. However, this figure is 30,000 bpd or 4.48% lower than the figures in the second quarter of 2022.

The agency says that the outlook for oil production in Azerbaijan in the third quarter of 2023 will be 630,000 bpd, down 10,000 bpd or 1.58% from September’s forecast, 30,000 bpd or 4.54% from the outlook for the same period of 2022.

In the last quarter of 2023, the oil production in Azerbaijan is expected to be 640,000 bpd, down 10,000 bpd or 1.54% from the previous forecast (September) and 20,000 bpd or 3.03% from the expectation for the 4th quarter of 2022.