EIA lowers its forecast for oil production in Azerbaijan for next year

It is predicted that in 2024, average daily oil production in Azerbaijan will be 600,000 barrels, Report informs referring to the December release of the Short-Term Energy Outlook report of the Energy Information Administration (EIA) of the US Department of Energy.

The oil production forecast for 2024 is 20,000 barrels or 3.22% less than earlier in November.

It is expected that in the first quarter of 2024, the average daily oil production in the country will be 590,000 barrels. This is 30,000 barrels or 4.84% less than previously predicted in November. This forecast is 60,000 barrels or 9.23% less than the forecast daily oil production for the first quarter of 2023.

It is expected that in the second quarter of 2024, daily oil production in Azerbaijan will amount to 600,000 barrels. This is 20,000 barrels or 3.22% less than previously predicted in November. This forecast is 20,000 barrels or 3.22% less than daily oil production in the second quarter of 2023.

In the last quarter of 2024, the forecast for average daily oil production in Azerbaijan will be 610,000 barrels. This is also 20,000 barrels or 3.17% less than previously forecast in November. This forecast is 10,000 barrels or 1.67% more than daily oil production in the fourth quarter of 2023.