The US Energy Information Administration (EIA) has changed its forecast for Azerbaijan's average daily oil production for the second quarter of 2021. According to the EIA, Azerbaijan's daily oil production in the second quarter of 2021 will make up 720,000 barrels, 10,000 barrels, or 1.37% less than April's forecast. At the same time, this forecast is up 30,000 barrels or 4.35% more than in 2020.
The daily output in Azerbaijan is forecasted at 740,000 barrels in 2021, while the previous forecast was 750,000 barrels. The forecast for oil production for the current year was reduced by 10 thousand barrels or 1.33%.
The EIA thinks that the daily output in the third quarter of 2021 will be 730,000 barrels, showing a 70,000 barrels or 10.6% growth compared to a year earlier. The fourth quarter's forecast is 770,000 barrels a day, which is 80,000 barrels or 11.6% higher than a year ago.
In 2022, the average daily oil production in Azerbaijan is estimated at 790 thousand barrels. It is similar to the forecast made in April and is 50 thousand barrels or 6.76% more than the forecast of daily oil production in the first quarter of 2021. According to the May 2021 report of the US Energy Information Administration, the forecast for next year's oil production is 10 thousand barrels, or 1.25% less than the previous year.
According to the new forecast, in the second quarter of 2022, the daily oil production in Azerbaijan will be 800,000 barrels, and in the third quarter of 2022, the average daily oil production in Azerbaijan is estimated at 770 thousand barrels. The forecast for average daily oil production in Azerbaijan in the last quarter of 2022 is 800 thousand barrels.
