IEA unveils oil production forecast in Azerbaijan for this year

Average daily oil production in Azerbaijan in 2021 is projected at 740,000 barrels, Report informs referring to the US Energy Information Administration’s Short-Term Energy Outlook September 2021.

The forecast for oil production for this year is 20,000 barrels, or 2.78 percent higher than the August forecast.

The EIA has calculated that in the third quarter of this year, the forecast for average daily oil production in Azerbaijan will be 730,000 barrels. This is 30,000 barrels or 4.3 percent more than in the previous forecast. Compared to the third quarter of 2020, the growth will be 70,000 barrels or 10.6 percent.

In the last quarter of this year, the forecast for average daily oil production in Azerbaijan will be 780,000 barrels. This is 20,000 barrels or 2.63 percent more than the forecast published by the EIA in August, as well as 90,000 barrels or 13 percent more than the daily oil production in the fourth quarter of last year.