During first two months this year Azerbaijan extracted 6,867,400 tons of oil and condensate. This is down 1.4% against the same period last year, reported Azerbaijan State Statistical Committee.
According to the same source, during this period the volume production of tank oil totaled 6,857,500 tons (decline by 1.4%).
According to the Caspian Barrels Oil Studies Centre, in January 2016 Azerbaijan extracted 3,519,700 tons of tank oil (113,500 tons a day on average) and 3,337,800 tons in February (115,100 tons a day on average). In February 2016 Azerbaijan increased average daily production by 1.4%.
In 2015 oil production in Azerbaijan, including gas condensate, totaled 41,689,000 tons.—0—
Economics
-
At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
-
This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
-
Azerbaijan’s Milli Majlis approved in the first reading on Monday the draft budget of the State Social Protection Fund (SFS) for 2025, projecting a deficit-free financial plan with revenues and expenditures balanced at 7.676 billion manats, a 10.45% increase from the previous year.
-
Azerbaijan appears poised for a notable economic shift in 2024, according to projections from the European Bank for Reconstruction and Development (EBRD). Inflation, a persistent thorn in the side of policymakers in 2023, is set to cool significantly, with the average annual rate expected to fall to 3.5%, compared with a high of 8.8% last year. Yet, as inflation moderates, the country's current account surplus—an indicator of its external economic strength—is forecast to narrow slightly, dropping to 8.5% of GDP from 9.9%.
Leave a review