EIA increases Azerbaijan’s 2022 oil production volume forecasts

The U.S. Energy Information Administration has increased its forecast for Azerbaijan’s average daily oil production for 2022.

In its report released in August, the agency increased its forecast for the country’s daily oil production for 2022 by 20,000 barrels to 780,000 barrels. It should be noted that according to the report published in July, the agency forecasted daily oil production to be 760,000 barrels in 2021.

Meanwhile, the agency’s forecast of Azerbaijan’s daily oil production in 2021 stayed unchanged at the level of 720,000 barrels.

According to the EIA Short-Term Energy Outlook report, the average daily oil production in Azerbaijan was 740,000 and 700,000 barrels in the first and second quarters of 2021 respectively. Meanwhile, the country’s average daily oil production is projected to be 700,000 barrels in the third quarter of the current year.

Moreover, the agency reported that the average daily oil production was at the level of 700,000 barrels in 2020. Thus, the average daily oil production in Azerbaijan was 760,000, 690,000, 660,000 and 690,000 barrels in the first, second, third and fourth quarters of 2020 respectively.

Since April 2020, OPEC and non-OPEC countries entered into an agreement on the reduction of daily oil production volume. Earlier, Azerbaijan has supported the decision to increase daily crude oil output by 400,000 barrels per month in August-December 2021, and to extend the Declaration of Cooperation until the end of 2022, with partial adjustments to the base level of oil production from May next year, at the 19th Ministerial Meeting of OPEC and non-OPEC countries.

By Ayya Lmahamad