EIA reduces forecast for daily oil production in Azerbaijan

Azerbaijan’s daily oil production is expected to make up 720,000 barrels in 2021, Report informs, citing the Short-Term Energy Outlook – November 2021 by the US Energy Information Administration (EIA).

This is 20,000 barrels or 2.7% less than the estimate for October.

The EIA believes that the outlook on the daily output was 710,000 barrels in the third quarter of 2021, down 10,000 barrels or 1.4% from October’s projection, and up 50,000 barrels or 7.6% from the same period 2020.

The production in the fourth quarter of 2021 is forecasted at 720,000 barrels, down 60,000 barrels or 7.7% from the previous one, up 30,000 barrels or 4.3% from the figures in the same period of 2020.