EIA raises Azerbaijan oil production outlook for next year

In 2022, the average daily oil production in Azerbaijan is projected at 800,000 barrels, up 20,000 barrels (2.56%) from the previous forecast, Report informs, citing the EIA Short-Term Energy Outlook – September 2021.

This prediction is 110,000 barrels or 15.9% more than the daily oil production in the second quarter of 2021.

In the first quarter of 2022, the daily output will make up 810,000 barrels, up 20,000 barrels (2.53%) from the August estimate. It is 70,000 barrels or 9.46% more than the forecast for daily oil production in the first quarter of 2021.

According to the agency, the Azerbaijani daily oil production will stand at 780,000 barrels in the third quarter of 2022. This is 30,000 barrels (4%) more than the previous one and 50,000 barrels (6.85%) than the daily production in the third quarter of 2021.

In the last quarter of 2022, Azerbaijan's average daily oil production forecast will be 810,000 barrels, 30,000 barrels (3.85%) more than the forecast released by the agency in August and the daily oil production in the fourth quarter of 2021.