The decline in oil production, the primary type of industrial product of the country, also pulls the overall pace of industrial production in the country. During 11 months of this year the volume of industrial production in the country decreased by 3.3%.
The volume of production and services in the industrial sector during this period in 2012 was 31 billion manats. In the non-oil sector of the industry the growth was 7.4%, and the oil sector fell by 5.3%, the State Statistics Committee told Turan.
The mining industry remains a dominant position - 75.7% of industrial output workers produce oil and gas and mining industries. - 08D -
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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