EIA not changes forecast for oil production in Azerbaijan

The Energy Information Administration (EIA) has not changed its forecast for average daily oil production in Azerbaijan in the third quarter of this year. Report informs citing the Short-Term Energy Outlook-October 2020.

In the EIA's updated forecast, the average daily oil production in Azerbaijan will amount to 670 thousand barrels in the third quarter of 2020, meaning 30 thousand barrels or 4.3% less than the second quarter of this year.

Compared to the first quarter of 2020, the forecast for average daily oil production in Azerbaijan has decreased by 100,000 barrels or 13%. The same decline is projected compared to the third quarter of 2019. According to the EIA's latest forecast, in the fourth quarter of 2020, the average daily oil production in Azerbaijan will remain unchanged at 700 thousand barrels. It is 60 thousand barrels or 7.9% less than in the last quarter of last year.

Notably, in 2020, the average daily oil production in Azerbaijan will be 710 thousand barrels.