By Azernews

By Ayya Lmahamad

The U.S. Energy Information Administration (EIA) has forecasted Azerbaijan's average daily oil production to be 710,000 barrels in 2023.

In its report released in January, the agency's forecast for the country's daily oil production in 2022 stayed unchanged at the level of 740,000 barrels.

In this context, the average daily oil production is forecasted to be 730,000 and 740,000 barrels in the first and second quarters of the year.

According to the EIA Short-Term Energy Outlook report, the average daily oil production in Azerbaijan was 720,000 barrels in 2021 [ 750,000; 700,000; 710,000; 710,000 barrels in each quarter, 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 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 late 2022, with partial adjustments to the base level of oil production from May next year.