IEA Revises Down Forecast For Azerbaijan's 2022 Oil Output| MENAFN.COM

Friday, 30 September 2022 07:20 GMT

IEA Revises Down Forecast For Azerbaijan's 2022 Oil Output


(MENAFN- Trend News Agency)

BAKU, Azerbaijan, August 7. The International Energy Agency (IEA) expects Azerbaijan's oil production to stand at 0.68 million barrels per day in 2022, as compared to 0.69 million barrels per day in the previous report, Trend reports citing the agency.

The agency estimates the country's oil output at 0.70 million barrels per day in Q1 and 0.67 million barrels per day in Q2. The forecasts for Q3 and Q4 also stand at 0.67 million barrels per day each.

Azerbaijan is set to produce 0.66 million barrels per day in 2023, while in the previous forecast this figure stood at 0.68 million barrels per day. The agency forecasts Q1 2023 output at 0.67 million barrels per day.

IEA estimates that Azerbaijan's oil output stood at 0.70 in Q1,2021, 0.69 in Q2 2021 and 0.71 million barrels per day in Q3 and Q4 each.

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