In January 2014 Azerbaijan extracted 3.6 million tons of oil and condensate.
According to the Azerbaijan State Statistical Committee, oil production dropped by 200,000 tons against last year.
During 2013 oil production in Azerbaijan totaled 43.1 million tons, up 100,000 tons against 2012.
3.8 million tons was extracted in January 2013, 3.4 million tons in February, 3,579,000 tons in March, 3,521,000 tons in April, 3.8 million tons in May, 3.7 million tons in June, 3.7 million tons in July, 3.6 million tons in August, 3.7 million tons in September, 3.6 million tons in October, 3.4 million tons in November and 3.5 million tons in December.—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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