EIA reveals average daily oil production forecast in Azerbaijan for 2022

The average daily oil production in Azerbaijan in 2022 will be 740,000 barrels, Report informs referring to the February issue of the Short-Term Energy Outlook released by the US Energy Information Administration (EIA).

The forecast for oil production for this year coincides with the January forecast.

In the first quarter of 2022, the average daily oil production in the country will be 740,000 barrels, an increase of 10,000 barrels or 1.37% from previously forecast in January. This forecast is 10,000 barrels or 1.33% less than daily oil production figures for the first quarter of 2021.

Azerbaijan is expected to produce 740,000 barrels daily in the second quarter of 2022. According to the agency’s report, this is in line with the forecast presented in the EIA’s January report, up 40,000 barrels or 5.71% from the daily production in the second quarter of 2021.

The agency believes that the average daily oil production in Azerbaijan will be 740,000 barrels in the third quarter of 2022, which is in line with the previous forecast. This forecast is 30,000 barrels or 4.22% higher than daily oil production in the third quarter of 2021.

For the last quarter of 2022, the agency expects the average daily oil production in Azerbaijan at 730,000 barrels, which is 10,000 barrels, or 1.35%, less than the forecast released by the agency in January, and 20,000 barrels, or 2.82%, more than the forecast figures for daily oil production in the fourth quarter of 2021.