EIA reduces forecast for Azerbaijan’s oil production in 2021

Azerbaijan’s daily oil production is forecasted at 720,000 barrels in 2021, Report informs, citing the U.S. Energy Information Administration’s (EIA) Short Term Energy Outlook – July 2021.

The forecast is 10,000 barrels, or 1.37% lower than the previous one.

According to the agency, the average daily oil production in Azerbaijan in the third quarter of this year will be 700,000 barrels, 10,000 barrels or 1.41% less than the May forecast, 40,000 barrels or 6.06% more than the third quarter of 2020.

In the fourth quarter of 2021, the average daily oil production in Azerbaijan is expected to be 740,000 barrels, down 10,000 barrels or 1.33% from June’s forecast, up 50,000 barrels or 7.2% from the daily oil production in the fourth quarter of 2020.