EIA reduces forecast for oil production in Azerbaijan

The US Government's Energy Information Administration (EIA) has changed its forecast for Azerbaijan's average daily oil production in the fourth quarter of this year, Report says, citing EIA's latest Short-Term Energy Outlook - November 2020 record.

According to the new estimate, the average daily oil production will be 690,000 barrels. This is 10,000 barrels less than the previous forecast and 20,000 barrels (3%) more than in the third quarter of 2020.

Compared to the first quarter of 2020 and the fourth quarter of 2019, it is 80,000 barrels or 10.4% less.

Note that in 2020, the average daily oil production in Azerbaijan is projected at 710,000 barrels.