The forecast for 2018 remained unchanged compared to the EIA Short-term Energy Outlook published in March – at 0.77 million barrels per day.
The country’s oil production stood at 0.84 million barrels per day in 2016, according to the EIA.
The EIA noted that Azerbaijan’s daily oil production was 0.81 million barrels in the 1Q2017 while it is forecast at 0.8 million barrels, 0.78 million barrels per day and 0.77 million barrels per day in Q2, Q3 and Q4 respectively.
According to EIA, in 2018 oil production in Azerbaijan will reach the highest level in Q1 - 0.79 million barrels per day and decrease to 0.78 million barrels per day in Q2, 0.76 million barrels per day in Q3 and 0.74 million barrels per day in Q4.
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.
Azerbaijan’s proven oil reserves stood at 7 billion barrels as of early 2015, according to BP.
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