In 2013 first time in several years Azerbaijan"s oil industry had positive results
In 2013 first time in past several years Azerbaijan’s oil industry had positive results.
According to the Azerbaijan State Statistical Committee, in 2013 oil and gas industry increased by 1.1%. In 2012 oil and gas industry declined by 4.2% against 2011.
The oil and gas industry started declining in Azerbaijan since 2011.
In 2013 oil and gas industry had positive results, first of all at the expense of resumption of oil production growth.
In 2013 oil production in Azerbaijan totaled 43.1 million tons, up 0.3% against 2012 (42,895 million tons with the production decline by 5.3%).
Last year gas production totaled 17.9 billion cub.m., up 3.8% against 2012 (17,240 billion cub.m. with the growth by 5.4%).—0—
Economics
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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.
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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.
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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.
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"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.
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