EIA releases average daily oil production forecast in Azerbaijan for next year

The average daily oil production in Azerbaijan in 2023 is expected at 710,000 barrels, Report informs referring to the February issue of the Short-Term Energy Outlook of the US Energy Information Administration (EIA).

The forecast for oil production for the next year is in line with the figure for January. The forecast for daily production next year is 30,000 barrels or 4.05% less than this year.

The country's average daily oil production in the country is expected at 720,000 barrels in the first quarter of 2023, which is line the forecast in January. This is 20,000 barrels or 2.7% less than the outlook for the first quarter of 2022.

Daily oil production in Azerbaijan is also expected at 710,000 barrels in the second quarter of 2023, about the same as the forecast in January. This is 30,000 barrels or 4.05% less than the daily oil production figures in the second quarter of 2022.

In the third quarter of 2023, the forecast for the average daily oil production in Azerbaijan will be 700,000 barrels. These volumes are in line with the forecast made in January, and are 40,000 barrels or 5.4% less than the forecast figures for daily oil production in the third quarter of 2022.

In the last quarter of 2023, the forecast for the average daily oil production in Azerbaijan will be 720,000 barrels. This figure is in line with the forecast in January and is 10,000 barrels or 1.37% less than the forecast for daily oil production in the fourth quarter of 2022.