EIA upgrades forecast on Azerbaijan’s oil production in 2022

Azerbaijan’s daily oil production is forecasted to make up 780,000 barrels in 2022, Report informs, citing the EIA Short-Term Energy Outlook – August 2021.
This figure is 20,000 barrels, or 2.63% more than the previous forecast.

In the first quarter of 2022, the daily output is expected to be 790,000 barrels. These figures are higher 30,000 barrels or 3.95% than the previous forecast, 50,000 barrels or 6.75% compared to the forecast for the first quarter of 2021.

The output in the second quarter of 2022 is forecasted to be 780,000 barrels a day, which is 10,000 barrels or 1.3% more than July’s forecast, 80,000 barrels or 11.4% than the forecast for the second quarter of 2021.

The EIA predicts the production in the third quarter of 2022 at 750,000 barrels, the same as the previous forecast. However, these figures are 50,000 barrels or 7.14% higher than the forecast for the third quarter of 2021.

The EIA left the forecast on the oil production in the fourth quarter of 2022 unchanged at 780,000 barrels. However, it is 20,000 barrels, or 2.63% more than the forecast for the fourth quarter of 2021.