EIA reduces Azerbaijan’s 2023 daily oil production forecast

In 2023, the average daily oil production in Azerbaijan is projected at 620,000 barrels, down 10,000 barrels, or 1.59%, from the previous forecast, Report informs referring to the November issue of the Short-Term Energy Outlook of the Energy Information Administration (EIA) of the US Department of Energy.

The forecast for average daily oil production in Azerbaijan in the third quarter of 2023 will be 620,000 barrels, showing a decline of 10,000 barrels, or 1.59%, in comparison to October’s forecast. This figure is 30,000 barrels, or 4.62%, less than in the third quarter of 2022.

In the last quarter of 2023, the forecast for the average daily oil production in Azerbaijan will be 620,000 barrels (down 20,000 barrels, or 3.12%, from the October forecast). This is 50,000 barrels, or 7.46%, lower than the forecast figures for daily oil production in the fourth quarter of 2022.