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EIA revises down forecasts for Azerbaijan’s petroleum output in 2019-20

Oil&Gas Materials 13 February 2019 09:37 (UTC +04:00)

Baku, Azerbaijan, Feb.13

By Leman Zeynalova – Trend:

Azerbaijan is expected to produce 0.78 million barrels of petroleum and other liquids per day in 2019, the US Energy Information Administration (EIA) said in its February Short-term Energy Outlook (STEO), Trend reports.

This is while in its previous STEO, EIA forecasted this figure to stand at 0.79 million barrels per day.

EIA estimates that petroleum and other liquids production in Azerbaijan will stand at 0.76 million barrels per day in 2020, as compared to 0.78 million barrels per day, forecasted in January STEO.

The country is expected to produce 0.79 million barrels of petroleum and other liquids per day in Q1 and Q2 of 2019 each, 0.78 million barrels per day in Q3 and 0.76 million barrels per day in Q4.

The quarterly forecasts for petroleum and other liquids production in Azerbaijan for 2020 is as follows: 0.77 million barrels of petroleum and other liquids per day in Q1 and Q2 of 2020 each, 0.75 million barrels per day in Q3 and 0.73 million barrels per day in Q4.

The volume of petroleum and other liquids output in the country stood at 0.80 million barrels per day as of 2018, according to EIA.

The Azeri-Chirag-Gunashli block of offshore fields is giving the major part of the oil produced in Azerbaijan. The Azerbaijani Light oil is produced at that block.

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Follow the author on Twitter: @Lyaman_Zeyn

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