TODAY.AZ / Business

U.S. agency forecasts stable oil production in Azerbaijan in 2021-22

19 October 2021 [17:49] - TODAY.AZ

By Azernews

By Ayya Lmahamad

The U.S. Energy Information Administration (EIA) has forecasted a stable level of daily oil production for Azerbaijan for 2021-2022.

In its October report, the agency forecasted 740,000 barrels of daily oil production in 2021, and 800,000 barrels of daily oil production in 2022, the same as in the report for September.

Moreover, according to the EIA Short-Term Energy Outlook report, the average daily oil production in Azerbaijan was 740,000; 690,000 and 720,000 barrels in the first, second and third quarters of 2021 respectively. Meanwhile, the country's average daily oil production is projected to be 780,000 barrels in the fourth quarter of the current year.

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.


Print version

Views: 282

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: