EIA reveals average daily oil production forecast for Azerbaijan for 2023

In 2023, the average daily oil production in Azerbaijan is projected at 710,000 barrels, Report informs, citing the January issue of the US Energy Information Administration's (EIA) Short-Term Energy Outlook.

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

In the first quarter of 2023, the country's average daily oil production is expected to reach 720,000 barrels, 10,000 barrels or 1.37% less than the daily oil production forecast for the first quarter of 2022.

In the second quarter of 2023, daily oil production in Azerbaijan is forecasted at 710,000 barrels, which is 30,000 barrels or 4.05% less than the daily oil production forecast for the second quarter of 2022.

The agency believes that the average daily oil production in Azerbaijan in the third quarter of 2023 will be 700,000 barrels, or 40,000 barrels or 5.4% lower than the daily oil production in the third quarter of 2022.

In the last quarter of 2023, the forecast for average daily oil production in Azerbaijan is 720,000 barrels, down 20,000 barrels or 2.7% from the forecast for daily oil production in the fourth quarter of 2022.