Economics
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The gradual decrease in oil production in Azerbaijan may lead to a reduction in the production of oil products, as reflected in the government's forecasts for 2025-2028.
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Azerbaijan is increasing its production of urea (nitrogen fertilizers), as reflected in the production figures for 2024 and government forecasts through 2029.
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In the first 11 months of 2024, the State Oil Fund of Azerbaijan (SOFAZ) reported foreign currency sales totaling USD 6.494 billion, marking a 2.55-fold increase compared to the same period in the previous year.
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Steel production in Azerbaijan is on the rise, growing by 19% in 2024, signaling recovery in a sector often regarded as an industrial health indicator. Bolstered by increased demand from the construction and oil and gas industries, this steady growth underscores broader efforts toward economic revitalization.
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