Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Monday January 25 2021
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

EIA forecasts stable oil production in Azerbaijan

11 September 2020 11:10 (UTC+04:00)
2 362

By Ayya Lmahamad

Azerbaijan’s forecast for 2020-2021 average daily oil production is stable according to the U.S. Energy Information Administration report released in September.

The agency forecasted 710,000 barrels of daily oil production in 2020, and 740,000 barrels of daily oil production in 2021, same as in the report for Augsut.

Moreover, according to the EIA’s Short-Term Energy Outlook report, average daily oil production in Azerbaijan was 770,000, 700,000 and 670,000 barrels in the first, second and third quarters of 2020 respectively.

Furthermore, average daily oil production is projected to be 700,000 barrels in the fourth quarter of 2020.

Likewise, EIA'S forecast for Brent oil average price is $44/ barrel during the fourth quarter of 2020 and rise to an average of $49/barrel in 2021 as oil markets become more balanced.

It should be noted that in April 2020, OPEC and non-OPEC countries entered into agreement on reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.

Thus, according to the “Declaration on Cooperation”, Azerbaijan produced 718,000 barrels of crude oil per day in October 2018, while in May-July 2020, the country had to maintain the average daily production of crude oil at 554,000 barrels.

On July 31, the first phase of the OPEC+ agreement of April 12 to reduce daily oil production by 9.7 million barrels was completed.

In the second phase of the agreement, covering the period from August 1 to December 31, the daily production of crude oil in OPEC+ countries will be reduced by 7.7 million barrels, which is 18 percent less than in October 2018.

During this period, Azerbaijan must reduce daily crude production by 131,000 barrels and keep it at 587,000 barrels. Thus, during this period Azerbaijan's restrictions on daily production of crude oil will be reduced by 33,000 barrels compared to the previous three months.

---

Follow us on Twitter @AzerNewsAz

  • #AZERBAIJAN OIL PRODUCTION
  • #US ENERGY INFORMATION ADMINISTRATION (EIA)

Related News

EIA increases forecast for Azerbaijan’s oil production volume in 2021

EIA increases forecast for Azerbaijan’s oil production volume in 2021

14 January 14:45
Azerbaijan boosts gas production, export in Jan-Nov

Azerbaijan boosts gas production, export in Jan-Nov

22 December 2020 10:54
EIA changes forecast for volume of Azerbaijan's oil production in 2021

EIA changes forecast for volume of Azerbaijan's oil production in 2021

10 December 2020 17:41
Azerbaijan boosts natural gas production, export in Jan-Oct 2020

Azerbaijan boosts natural gas production, export in Jan-Oct 2020

21 November 2020 10:00
EIA changes forecast for volume of Azerbaijan's oil production in 2021

EIA changes forecast for volume of Azerbaijan's oil production in 2021

12 November 2020 16:24
Azerbaijan boosts natural gas production, export in Jan-Sep

Azerbaijan boosts natural gas production, export in Jan-Sep

19 October 2020 15:34
Azerbaijan boosts natural gas production, export in Jan-Aug

Azerbaijan boosts natural gas production, export in Jan-Aug

22 September 2020 13:09
OPEC forecasts stable oil production in Azerbaijan

OPEC forecasts stable oil production in Azerbaijan

13 August 2020 16:20
EIA grades Azerbaijan's oil production volume as stable

EIA grades Azerbaijan's oil production volume as stable

12 August 2020 12:49
Azerbaijan to reduce oil production within OPEC+

Azerbaijan to reduce oil production within OPEC+

11 August 2020 12:36
  • Latest
  • Popular
17:42 • Trade facilities, hairdressers, and beauty salons resume activity in Azerbaijan [PHOTO]
17:27 • Isfar Sarabski to release new album in spring [VIDEO]
17:23 • Russian MP included in "blacklist" - Azerbaijan Foreign Ministry
17:14 • Azerbaijani Prosecutor General's Office puts several Armenian mercenaries on wanted list
17:00 • Operation in Dashalti in 1992 went down in history as Azerbaijan's most unsuccessful military operation [VIDEO]
16:50 • Weekly review of Azerbaijani oil prices
16:43 • Azerbaijan sends letters on Armenia's crimes to several countries [PHOTO]
16:30 • Economy Minister talks Karabakh's role in development of Azerbaijan's non-oil sector
16:26 • Azerbaijan welcomes Iran’s involvement in restoration of liberated lands [UPDATE]
16:24 • Armenian experts believe army losses in recent war higher than official figure
16:12 • First VP Mehriban Aliyeva re-elected as AGF President
15:54 • SOFAZ's revenues from oil, gas fields hit $3.8 bn in 2020
15:29 • Azerbaijan developing new bills
15:14 • Azerbaijan, Turkey sign MoU on small, medium businesses
14:55 • Azerbaijan discloses number of active users of educational programs
14:32 • ADA University to implement sociological research project
14:18 • Another success of Azerbaijani president's economic strategy: Dostlug agreement - event of week
13:59 • Azerbaijani-Turkish cooperation changing world’s energy map
13:37 • British Film Festival kicks off in Baku
13:15 • Number of Azerbaijan Credit Bureau's partners up by early 2021
10:46 • MFA rules out status for Azerbaijan's Nagorno-Karabakh region
09:50 • Turkic Culture and Heritage Foundation presents book by Turkish poet [PHOTO]
11:50 • Heydar Aliyev Palace, Bilkent Symphony Orchestra eye cooperation
12:22 • Baku sends to int'l agencies report on Armenian torture of Azerbaijani captives
11:00 • More martyrs’ family members receive social support payments
10:00 • National gymnasts to perform at European Championships in Switzerland
12:15 • Azerbaijan to repatriate body of its engineer killed in pirate attack on Turkish ship
12:36 • MoD commission continues consideration of appeals of Karabakh War participants
11:20 • Museums re-open after lockdown [PHOTO]
13:59 • Azerbaijani-Turkish cooperation changing world’s energy map
16:26 • Azerbaijan welcomes Iran’s involvement in restoration of liberated lands [UPDATE]
10:22 • MoD releases video from Fuzuli`s Ashaghi Aybasanli village [PHOTO/VIDEO]
14:18 • Another success of Azerbaijani president's economic strategy: Dostlug agreement - event of week
13:37 • British Film Festival kicks off in Baku
13:15 • Number of Azerbaijan Credit Bureau's partners up by early 2021
14:32 • ADA University to implement sociological research project
15:14 • Azerbaijan, Turkey sign MoU on small, medium businesses
13:01 • Currency rates for Jan. 25
15:54 • SOFAZ's revenues from oil, gas fields hit $3.8 bn in 2020
16:24 • Armenian experts believe army losses in recent war higher than official figure
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved