Today.Az » Business » U.S. agency forecasts rise in Azerbaijan's oil production in 2021-22
09 September 2021 [15:29] - Today.Az
By Ayya Lmahamad
The U.S. Energy Information Administration (EIA) has forecasted a rise in Azerbaijan's average daily oil production for 2021-2022.
In its report released in September, the agency increased its forecast for the country's daily oil production for 2021 by 20,000 barrels to 740,000 barrels. It should be noted that according to the report published in August, the agency forecasted daily oil production to be 720,000 barrels in 2021.
Moreover, according to the EIA Short-Term Energy Outlook report, the average daily oil production in Azerbaijan was 740,000 and 690,000 barrels in the first and second quarters of 2021 respectively. Meanwhile, the country's average daily oil production is projected to be 730,000 barrels in the third quarter of the current year.
Furthermore, the agency increased its forecast of Azerbaijan’s daily oil production for 2022 from 780,000 barrels to 800,000 barrels.
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 has 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 the end of 2022, with partial adjustments to the base level of oil production from May next year, at the 19th Ministerial Meeting of OPEC and non-OPEC countries.