EIA publishes average daily oil production forecast for Azerbaijan

In 2022, the average daily oil production in Azerbaijan is projected at 740,000 barrels, Report informs, citing the January issue of the US Energy Information Administration's (EIA) Short-Term Energy Outlook.

The forecast for oil production for this year is the same as before.

In the first quarter of 2022, Azerbaijan's average daily oil production is expected to be 730,000 barrels, 20,000 barrels or 2.67% less than the previous forecast in December. Also, this forecast is 20,000 barrels or 2.67% lower than the daily oil production in the first quarter of 2021.

In the second quarter of 2022, Azerbaijan's daily oil production is forecasted at 740,000 barrels, showing a decline of 10,000 barrels or 1.33% compared to the forecast in the EIA's December review. At the same time, it is 40,000 barrels or 5.71% more than the daily oil production in the second quarter of 2021.

The agency believes that the forecast for average daily oil production in Azerbaijan in the third quarter of 2022 will be 740,000 barrels, the same as the previous forecast. However, this forecast is 30,000 barrels or 4.22% more than the daily oil production in the third quarter of 2021.

According to the forecast, in the last quarter of 2022, the average daily oil production in Azerbaijan will be 740,000 barrels. This is the same as the forecast released by the agency in December, and 30,000 barrels or 4.22% more than the forecast for daily oil production in the fourth quarter of 2021.