EIA lowers oil production forecast in Azerbaijan for 2024

The US Energy Information Administration (EIA) has reduced its forecast for oil production in Azerbaijan for 2024 by 10,000 barrels per day.

Azernews reports that this was mentioned in EIA's September report on the "Short-term energy perspective".

According to the updated data of EIA, oil production in Azerbaijan this year will be 600 thousand barrels per day (August forecast - 610 thousand barrels).

Production in the third quarter is expected to be 600,000 barrels per day (August forecast - 610,000 barrels), and in the fourth quarter, it is expected to be 610,000 barrels (620,000 barrels).

In the first quarter of this year, oil production was 600,000 barrels per day, and in the second quarter, 590,000 barrels.

According to the EIA, in 2023, the production of liquid hydrocarbons in Azerbaijan was at the level of 620 thousand barrels per day.