EIA outlook for Azerbaijan’s 2024 oil production remains unchanged

The average daily oil production in Azerbaijan is expected to reach 650,000 barrels in 2024, Report informs, citing the July issue of 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 forecast of June.

In the first quarter of 2024, the average daily oil production in Azerbaijan is expected to be 650,000 barrels, which is the same as the previous forecast in June and in the first quarter of 2023.

In the second quarter of 2024, daily oil production in Azerbaijan is expected to be 650,000 barrels, the same as the previous month’s forecast and 10,000 barrels, or 1.6%, more than the daily oil production in the second quarter of 2023.

The agency believes that in the third quarter of 2024, the average daily oil production in Azerbaijan will be 650,000 barrels. This figure remained unchanged compared to the previous month’s forecast and was 10,000 barrels, or 1.6%, more than the indicators of daily oil production in the third quarter of 2023.

In the last quarter of 2024, the average daily oil production forecast in Azerbaijan is expected to be 660,000 barrels (the same as the previous forecast in June). This is 10,000 barrels, or 1.5%, more than the daily oil production forecasts for the fourth quarter of 2023.