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EIA changes forecast for volume of Azerbaijan's oil production

EIA changes forecast for volume of Azerbaijan's oil production

Baku, July 9 - Neftegaz.RU. The U.S. Energy Information Administration has changed its forecast for Azerbaijan's 2020 average daily oil production, AzerNews reported.

According to the EIA's Short-Term Energy Outlook report released on July 2020, average daily oil production in Azerbaijan was at 780,000 and 690,000 barrels in the first and second quarter of 2020 respectively.

Moreover, average daily oil production is projected to be 680,000 barrels in the third quarter and 710,000 barrels in the fourth quarter of 2020.

It should be noted that previous report made in June forecasted for Azerbaijan's average daily oil production to be 730,000 barrels, thus for July's report it is declined by 20,000 barrels.

Furthermore, the agency forecasted 740,000 barrels of daily production in 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+, on reduction of daily oil production by 9.7 million barrels in May-June and 164,000 barrels for Azerbaijan.

At the meeting of OPEC and OPEC+ countries on June 6, it was decided to extend the quota by another month - until the end of July.

Author: Ayya Lmahamad


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