EIA changes forecast for oil production in Azerbaijan for next year

The US Energy Information Administration (EIA) has changed its forecast for average daily oil production in Azerbaijan for 2021, Report says, citing the document by the Short-Term Energy Outlook-November 2020.

According to the updated EIA forecast, in the first quarter of next year, the country's average daily oil production will be 710 thousand barrels. It is 10 thousand barrels less than the previous forecast and 60 thousand barrels or 7.8% less than the first quarter of 2020.

Compared to the forecast figures for the fourth quarter of 2020, this figure is 20 thousand barrels more, or 2.9%.

According to the Agency's report, in the second quarter of 2021, the forecast for average daily oil production in Azerbaijan will be 730 thousand barrels, which is 10 thousand barrels less than the estimates given in the October EIA report, and 30 thousand barrels or 4.3% more compared to the second quarter of 2020.

The Agency believes that in the third quarter of next year, the forecast for average daily oil production in Azerbaijan will be 740 thousand barrels, which is 10 thousand barrels less than the previous forecast and 70 thousand barrels (10.4%) more compared to the third quarter of 2020.

In the last quarter of next year, the forecast for average daily oil production in Azerbaijan is similar to the third quarter's indicator - 740 thousand barrels. The figure is lower than the previous forecast by 10 thousand barrels and more by 50 thousand barrels, or 7.24% of the forecast daily oil production in the fourth quarter of this year.

Notably, in 2021, the average daily oil production in Azerbaijan will be 730 thousand barrels.