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
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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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