EIA remains its daily oil production forecast for Azerbaijan in 2024 unchanged

In 2024, average daily oil production in Azerbaijan is projected to be 600,000 barrels, Report informs, citing the April release of the Short-Term Energy Outlook of the Energy Information Administration (EIA) of the US Department of Energy.

The forecast for oil production for this year is the same as compared to the forecast given earlier in March.

The agency believes that in the first quarter of 2024, the forecast for average daily oil production in Azerbaijan will be 600,000 barrels, which is the same as the previous forecast for March and 50,000 barrels, or 7.69%, less than the forecast for daily oil production in the first quarter of 2023.

In the second quarter of 2024, the forecast for average daily oil production in Azerbaijan will be 600,000 barrels, 10,000 barrels, or 1.69%, more than predicted figures in March, while 20,000 barrels, or 3.22%, less than the forecast for daily oil production in the second quarter of 2023.

In the third quarter of 2024, the forecast for average daily oil production in Azerbaijan will be 600,000 barrels. This is the same as the previous forecast for March, and 20,000 barrels, or 3.22%, less than the forecast for daily oil production in the third quarter of 2023.

In the fourth quarter of 2024, the forecast for average daily oil production in Azerbaijan will be 610,000 barrels, which is the same as the predicted figures in March, and as the forecast for daily oil production in the fourth quarter of 2023.