EIA lowers its forecast for Azerbaijan’s oil production this year

U.S. Energy Information Administration (EIA) has lowered its forecast on Azerbaijan’s daily oil production in 2021 by 20,000 barrels of 2.6% to 750,000 barrels, Report informs, referring to Short-Term Energy Outlook – April 2021.

In the second quarter of 2021, the production is expected to be 730,000 barrels, down 30,000 barrels or 3.94% from March’s forecast, up 30,000 barrels or 4.3% from a year earlier.

The average daily production in the third quarter of 2021 will be 730,000 barrels, showing a decline of 40,000 barrels or 5.2% in comparison to the previous forecast, an increase of 60,000 barrels or 8.95% in contrast with the third quarter of 2020.

For the fourth quarter, the production is forecasted at 770,000 barrels, which is 20,000 barrels or 2.53% less than the forecast of March, 80,000 barrels or 11.6% more than the same period of 2020.