In September 2015 oil extraction in Azerbaijan increased by 32,000 barrels a day up to 0.83 million barrels a day, reads the OPEC November oil market report released yesterday.
According to the OPEC evaluation, from January to September 2015 oil production in Azerbaijan declined by 30,000 barrels a day against the same period last year.
In 2015 OPEC forecast that oil production in the country will be 0.86 million barrels a day, down 10,000 barrels a day against last year.
In 2016 oil production in Azerbaijan is forecast to be 0.82 million barrels a day.
* According to Turan agency, in September 2015 BP-Azerbaijan company extracted in average 685,000 barrels of oil and condensate a day, while SOCAR – 145,000 barrels.—0—
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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