In January-November 2016, Azerbaijan produced 37 million 717.2 million tons of oil and condensate, which is 1.5% less than the same period last year. This was reported in the monthly report of the State Statistics Committee of Azerbaijan.
During the reporting period, Azerbaijan produced 37 million 670.4 thousand tons of commercial oil, which was also 1.5% less than in January-November 2015.
In November Azerbaijan produced 2 million 994.4 thousand tons of commercial oil. Compared to November 2015, the commercial oil volumes decreased by 290.9 thousand tons, or 8.85%. -12B-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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