EIA reveals forecasts for Azerbaijan’s 2021-22 oil output

BAKU, Azerbaijan, Jan.13

By Leman Zeynalova - Trend:

Azerbaijan’s petroleum and other liquids production stood at 0.71 million barrels per day in 2020, as compared to 0.78 million barrels per day in 2019, the US Energy Information Administration (EIA) said in its January Short-term Energy Outlook (STEO), Trend reports.

This is while in the previous STEO, EIA forecasted the country’s petroleum production at 0.70 million barrels per day in 2020.

The country produced 0.77 million barrels per day, 0.70 million barrels per day and 0.67 million barrels and 0.69 million barrels per day in the first, second, third and fourth quarters of 2020, respectively.

EIA forecasts that petroleum and other liquids production in Azerbaijan will rise in 2021 to stand at 0.73 million barrels per day, while the previous STEO forecasted 0.72 million barrels per day.

The expected quarterly production in 2021 is as follows: 0.70 million barrels per day in Q1, 0.73 million barrels per day in Q2, 0.74 million barrels per day in Q3 and 0.75 million barrels per day in Q4.

Azerbaijan is expected to produce 0.78 million barrels per day in 2021 with quarterly production standing at 0.76 million barrels per day in Q1, 0.79 million barrels per day in Q2 and 0.78 million barrels per day in Q3 and Q4 each.

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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