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
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review