EIA reveals average daily oil production forecast in Azerbaijan for this year

In 2023, the average daily oil production in Azerbaijan is projected at 650,000 barrels, Report informs referring to the March issue of the Short-Term Energy Outlook of the Energy Information Administration (EIA) of the US Department of Energy.

The forecast for oil production this year is the same as the forecast for February.

The EIA expects that in the first quarter of 2023, the average daily oil production in the country will be 650,000 barrels, down 20,000 barrels, or 2.99%, from the previous month’s forecast, 50,000 barrels, or 7.14%, from daily oil production figures in the first quarter of 2022.

In the second quarter of 2023, the average daily oil production in Azerbaijan will be 650,000 barrels (the same as the February forecast). This is 20,000 barrels, or 2.99%, less than the daily oil production figures for the second quarter of 2022.

The forecast for average daily oil production in Azerbaijan in the third quarter of 2023 will be 640,000 barrels (remained unchanged compared to the February forecast). This figure is 10,000 barrels, or 1.54%, less than in the third quarter of 2022.

In the last quarter of 2023, the forecast for the average daily oil production in Azerbaijan will be 650,000 barrels (the same as the January forecast). This is 20,000 barrels, or 2.99%, lower than the forecast figures for daily oil production in the fourth quarter of 2022.