In March 2016 oil production in Azerbaijan totaled 0.84 million barrels day, down by 10,000 and 20,000 barrels a day against January and February, respectively, according to the OPEC May report about the oil market.
In quarter 1, 2016 average oil production totaled 0.85 million barrels a day, reads the report.
According to the OPEC forecasts, in 2016 oil production in Azerbaijan will drop by 40,000 barrels a day to 0.82 million barrels day.
The forecast has remained unchanged as compared to the OPEC’s previous forecasts for this year.
Azerbaijan mainly extracts oil from the bloc of offshore fields Azeri-Chirag-Guneshli (ACG).
In 2015 31.3 million tons or 75% of entire Azerbaijan’s oil (41.69 million tons) was extracted on this site.
According to Turan, in quarter 1, 2016 production rate on ACG was stable – 650,000 barrels a day, but the reduction started in April.—0—
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review