EIA changes forecast for Azerbaijan’s oil production
By Ayya Lmahamad
The U.S. Energy Information Administration has increased its forecast for Azerbaijan’s 2020 average daily oil production by 20,000 barrels to 730,000 barrels.
According to the EIA's Short-Term Energy Outlook report released on June 2020, average daily oil production in Azerbaijan was at 780,000 barrels in the first quarter of 2020, and it is projected to be 710,000 barrels in second quarter, 700,000 barrels in third quarter and 720,000 in fourth quarter.
Moreover, the agency increased its forecast for average daily oil production in Azerbaijan in 2021 to 750,000 barrels.
It should be noted that in previous report made in May, forecast for Azerbaijan’s average daily oil production was 710,000 barrels for 2020, and 740,000 barrels for 2021.
According to the EIA, last year's average daily oil production in Azerbaijan amounted to 790,000 barrels.
As reported earlier, from May 1, 2020 Azerbaijan started reduction of oil production within the framework of obligations under the new deal OPEC+.
Under the new agreement, Azerbaijan, which produced 718,000 bpd of crude oil in October 2018, should reduce production by 164,000 barrels.
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