EIA lowers 2022 average daily oil production forecast for Azerbaijan

In 2022, the average daily oil production in Azerbaijan is projected at 730,000 barrels, Report informs, citing the March issue of the US Department of Energy's Energy Information Administration (EIA) Short-Term Energy Outlook.

The forecast for oil production in 2022 is 10,000 barrels or 1.35% less than the previous forecast in February, and 20,000 barrels or 2.67% less than the daily oil production in the first quarter of 2021.

In the second quarter of 2022, Azerbaijan's daily oil production is expected to be 740,000 barrels. According to the EIA, this is the same as the forecast given in the February outlook. It is 40,000 barrels or 5.71% more than the daily oil production in the second quarter of 2021.

The forecast for average daily oil production in Azerbaijan in the third quarter of 2022 will be 730,000 barrels, showing a 10,000 barrels or 1.35% decline in comparison with the previous February forecast. At the same time, this forecast is 20,000 barrels or 2.82% more than daily oil production in the third quarter of 2021.

In the last quarter of 2022, according to the forecast, the average daily oil production in Azerbaijan will make up 730,000 barrels, the same as the EIA forecast released in February. It is 20,000 barrels or 2.82% more than the daily oil production in the fourth quarter of 2021.