In January and February 2015 State Oil Company of Azerbaijan (SOCAR) exported 423,264 tons of crude oil from the Supsa port. This is down 16.7% against the same period last year.
SOCAR reported that in February 2016 SOCAR exported 169,215 tons of crude oil from the Supsa port, down 33% against February 2015.
The index of SOCAR’s exported crude oil includes oil owned by the state and the company.
Oil extracted from the Azeri-Chirag-Guneshli fields is exported from the Supsa port.—0—
Economics
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Vahid Magerramov, Head of the Public Association for Support of Agrarian Reforms, has raised concerns over rising consumer prices in Azerbaijan, warning that the inflation trend could have serious economic consequences for the country.
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Silk production in Azerbaijan decreased by 32.9% year-on-year in the first eight months of 2024, reaching 239.4 tons, according to data released by the State Statistics Committee. The decline was attributed to a reduction in the number of silkworm seeds distributed to farmers, reflecting a longer-term trend in the sector's contraction, noted agricultural expert Vahid Maharramov.
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Sunniya Durrani-Jamal has officially taken office as the new Country Director of the Asian Development Bank (ADB) in Azerbaijan, succeeding Candice Mcdagan, who held the position since 2021. Durrani-Jamal brings over 25 years of professional experience, including 16 years in senior roles at ADB, to her new position. She previously served as ADB’s Regional Director in Cambodia and Senior Advisor to the Vice President for East Asia, Southeast Asia, and the Pacific.
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Azerbaijan's drive to diversify its economy is faltering, despite years of policy announcements and state programs aimed at reducing reliance on the energy sector. The country has struggled to implement effective diversification measures, leaving it vulnerable to external economic pressures, analysts said.
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