EIA lowers forecast for oil production in Azerbaijan for 2024

The Energy Information Administration of the US Department of Energy (EIA) has downgraded4

its oil production forecast in Azerbaijan for 2024 by 10,000 barrels per day, Report informs referring to the September issue of the EIA Short-Term Energy Outlook.

According to the updated EIA data, oil production in Azerbaijan will amount to 600,000 barrels per day this year (August forecast - 610,000 bpd).

Production is expected at 600,000 bpd (August forecast - 610,000 bpd) in Q3 and 610,000 bpd (620,000 bpd) in Q4.

This is while oil production amounted to 600,000 bpd in the first half and 590,000 bpd in the second half.

According to EIA, liquid hydrocarbon production in Azerbaijan in 2023 was at the level of 620,000 bpd.