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.

The agency decreased its forecast for Azerbaijan's daily oil production for 2021 by 10,000 barrels to 730,000 barrels in its report released in June. It should be noted that according to the report published in May, the agency forecasted daily oil production to be 740,000 barrels in 2021.

The agency also decreased its forecast of Azerbaijan’s daily oil production in 2022 from 790,000 barrels to 780,000 barrels.

According to the EIA Short-Term Energy Outlook report, the average daily oil production in Azerbaijan was 740,000 barrels in the first quarter of 2021. Meanwhile, the country's average daily oil production is projected to be 710,000 barrels in the second quarter of the current year.

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 supported the OPEC+ agreement on increasing the crude oil production up to 1.1 million barrels in May, June and July, reached at the 15th ministerial meeting.  Under the new Declaration of Cooperation, the country’s daily crude oil production will be maintained at 603,000 barrels in May, 610,000 barrels in June and 620,000 barrels in July.