EIA changes Azerbaijan's 2021-22 oil production volume forecasts

By Azernews

By Ayya Lmahamad

The U.S. Energy Information Administration (EIA) has changed its forecast for Azerbaijan's average daily oil production for 2021-22.

In its report released in November, the agency decreased its forecast for the country's daily oil production for 2021 by 20,000 barrels to 720,000 barrels. It should be noted that according to the report published in October, the agency forecasted daily oil production to be 740,000 barrels in 2021.

The agency also decreased its forecast of Azerbaijan’s daily oil production in 2022 from 800,000 barrels to 750,000 barrels.

Moreover, according to the EIA Short-Term Energy Outlook report, the average daily oil production in Azerbaijan was 740,000; 690,000 and 720,000 barrels in the first, second and third quarters of 2021 respectively. 

The agency also reported that the average daily oil production was at the level of 700,000 barrels in 2020. Thus, the average daily oil production in Azerbaijan was 760,000; 690,000; 660,000 and 690,000 barrels in the first, second, third and fourth quarters of 2020 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.