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US Increases Forecast for Oil Production in Azerbaijan for 2021

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The Energy Information Administration of the US Department of Energy (EIA) has increased forecastsfor oil production in Azerbaijan for 2021 and 2022 by 0.04 million barrels per day, follows from the data of the department’s monthly forecast

According to the EIA, oil production in Azerbaijan in 2021 is projected at 0.77 million bpd (), which is 0.04 million bpd higher than forecast in February.

At the same time, EIA forecasts production in the first quarter of this year at 0.75 million bpd (February forecast – 0.70 million bpd), in II – 0.76 million bpd (February forecast – 0.73 million b/d), in III – 0.77 million b/d (February forecast – 0.74 million b/d), in IV – 0.79 million b/d (February forecast – 0.75 million b/d).

In 2022, the EIA expects oil production in Azerbaijan to be 0.82 million bpd.

According to the EIA, in 2020, oil production in Azerbaijan amounted to 0.71 million bpd, that is, 35.1 million tons. However, according to official statistics, 34.6 million tons of liquid hydrocarbons were produced in Azerbaijan last year. The Turan agency clearly shows the inaccuracy of American calculations. 

According to the EIA, this year the volume of production of liquid hydrocarbons (oil and condensate) in Azerbaijan should increase by 60 thousand barrels per day, that is, by 3 million tons. However, in January-February of this year, less than 6 million tons of oil and condensate were produced in Azerbaijan, 

which is almost 200 thousand tons less than in the same period last year. At the same time, until May 2021, Azerbaijan does not have the opportunity to increase oil within the framework of OPEC+ obligations. 

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