Azerbaijan to produce over 600,000 barrels of oil per day in 2023 - EIA forecasts

The US Energy Information Administration (EIA) has released its forecast on petroleum and other liquids production for 2023 and 2024, Azernews reports.

According to EIA, Azerbaijan will produce between 640,000 to 670,000 barrels of oil per day in 2023. In Q1, oil production will be 670,000 and will reduce to 650,000 and 640,000 barrels per day in Q2 and Q3 respectively. In Q4, oil production will increase to 650,000 barrels.

In 2024, oil production will be between 660,000 to 670,000 barrels per day. From Q1 to Q3, oil production will remain at 660,000 barrels per day, and in Q4 production to increase to 670,000 barrels.

According to EIA, Azerbaijan produced 670,000 barrels per day in 2022.