EIA raises forecast for oil production in Azerbaijan

The average daily oil production in Azerbaijan in 2021 is projected at 770,000 barrels, Report informs with reference to the Short-Term Energy Outlook-March 2021 published by the Energy Information Administration (EIA) of the US Department of Energy.

The forecast for oil production in 2021 has increased by 40,000 barrels or 5.48% compared to the previous estimates.

The country's average daily oil production will amount to 750,000 barrels in the first quarter of 2021, which is 50,000 barrels or 7.14% more than predicted earlier in February.

The daily oil production in Azerbaijan is expected to amount to 760,000 barrels in the second quarter of 2021. According to the EIA, this is 30,000 barrels or 4.11% more than the February forecast. The forecast is 60,000 barrels or 8.57% more compared to the second quarter of 2020.

In the third quarter of 2021, according to the EIA forecast, Azerbaijan's average daily oil production will be 770,000 barrels. It is 30,000 barrels or 4.05% more than in the previous estimates. Compared to the third quarter of 2020, the current forecast shows 100,000 barrels, or 14.92% growth.

In the last quarter of 2021, Azerbaijan is expected to produce 790,000 barrels of oil per day. It is 40,000 barrels or 5.33% more than the February forecast. The current forecast is 100,000 barrels or 14.5% higher than the daily oil production in the fourth quarter of 2020.