EIA keeps its forecast on oil production unchanged

14 March 2019 13:18 (UTC+04:00)

By Mirsaid Ibrahimzade

Azerbaijan will produce an average of 0.78 million barrels of oil and condensate per day in 2019.

This is stated in the March edition of the Short-Term Energy Forecast of the U.S. Energy Information Administration (EIA), Report informs.

According to the forecast, in the first quarter of 2019, the level of production will be 0.79 million barrels per day. In the second quarter, production will remain unchanged - 0.79 million barrels. In the third and fourth quarters of the current year, oil and condensate production is projected at 0.78 million barrels and 0.76 million barrels per day, respectively.

The average daily production in 2020, as predicted by the EIA, will be 0.76 million barrels of oil and condensate.

Note that the March forecast for 2019 and 2020 remained unchanged compared with the data from the February edition.

According to the information of the Ministry of Energy of Azerbaijan, daily oil production in the country in February amounted to 0.806 million barrels.

In recent report EIA stated that Azerbaijan’s exports of natural gas are poised to become a more significant part of the country’s economy.

“Azerbaijan is planning to expand its natural gas exports to Europe. European Union (EU) leaders consider connecting Azerbaijan’s Shah Deniz natural gas field to Southern Europe to be a step toward the strategic goal of diversifying Europe’s natural gas supply. Southern and Eastern Europe, in particular, has limited supply options for natural gas because of geographic constraints and infrastructure limitations,” reads the report.

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