EIA changes Azerbaijan's 2021-22 oil production volume forecasts

By Azernews

By Ayya Lmahamad

The U.S. Energy Information Administration has changed its forecast for Azerbaijan's average daily oil production for 2021-2022.

In the report released in April, the agency decreased its forecast for Azerbaijan's daily oil production for 2021 by 20,000 barrels to 750,000 barrels.

It should be noted that according to the report published in March, the agency forecasted daily oil production to be 770,000 barrels in 2021.

The agency also decreased its forecast of Azerbaijan’s daily oil production in 2022 from 820,000 barrels to 800,000 barrels.

According to the EIA Short-Term Energy Outlook report, the average daily oil production in Azerbaijan was 750,000 barrels in the first quarter of 2021. Meanwhile, the country's average daily oil production is projected to be 730,000 barrels in the second quarter of the current year.

The average daily oil production was at the level of 710,000 barrels in 2020. Thus, the average daily oil production in Azerbaijan was 770,000, 700,000, 670,000 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 supported the OPEC+ agreement on increasing the crude oil production up to 1.1 million barrels in the next three months, reached at the 15th ministerial meeting.  Under the new Declaration of Cooperation, Azerbaijan will increase its daily crude oil production by 8,000 barrels in May, 7,000 barrels in June and 10,000 barrels in July.