EIA lowers Azerbaijan’s 2024 oil production forecast
The U.S. Energy Information Administration (EIA) has revised its oil production forecast for Azerbaijan in 2024, lowering the estimate by 10,000 barrels per day.
According to the September edition of the EIA Short-Term Energy Outlook, Azerbaijan's oil production is now projected to reach 600,000 barrels per day, down from the previous forecast of 610,000 bpd made in August, News.Az reports.The updated forecast indicates that production will remain at 600,000 bpd in the third quarter and is expected to rise to 610,000 bpd in the fourth quarter, compared to earlier estimates of 610,000 bpd and 620,000 bpd, respectively.
In the first half of this year, oil production averaged 600,000 bpd, while it decreased to 590,000 bpd in the second half. The EIA reports that Azerbaijan's liquid hydrocarbon production for 2023 was 620,000 bpd.
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