The U.S. Energy Information Administration (EIA) has updated its forecast for Azerbaijan's average daily oil production for 2022.
In its report released in December, the agency decreased its forecast for the country's daily oil production for 2022 by 10,000 barrels to 740,000 barrels. It should be noted that according to the report published in November, the agency forecasted daily oil production to be 750,000 barrels in 2022.
The agency's forecast of Azerbaijan’s daily oil production in 2021 stayed unchanged at the level of 720,000 barrels.
According to the EIA Short-Term Energy Outlook report, the average daily oil production in Azerbaijan was 750,000; 700,000, and 710,000 barrels in the first, second and third quarters of 2021 respectively. In addition, the average daily oil production in Azerbaijan is forecasted to be 720,000 barrels in the fourth quarter of 2021.
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.