Organization of Petroleum Exporting Countries (OPEC) expects reduction of oil extraction in Azerbaijan in mid- and long-term.
OPEC annual report about the oil market reads that oil extraction in Azerbaijan dropped from 0.93 million barrels a day in 2011 to 0.87 million barrels a day in 2014.
According to the OPEC forecasts, oil and condensate extraction in Azerbaijan will keep on declining and total 0.7 million barrels a day in 2020.
According to OPEC, by 2040 oil and condensate extraction will drop to 0.6 million barrels a day.
In 2015 OPEC forecasts oil and condensate extraction in Azerbaijan at average 0.84 million barrels a day.
This year extraction is expected to be 0.84 million barrels a day.—0—
Economics
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Azerbaijani President Ilham Aliyev signed a decree on Monday aimed at improving social welfare, increasing the country’s minimum monthly wage to 400 manats ($235) starting January 1, 2025.
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Turkish companies YDA and ASFAT plan to build a shipyard near Kazakhstan's port of Kuryk to address the country's domestic fleet shortage, Kazakhstan's Minister of Transport Marat Karabaev announced on Monday during a parliamentary session. The project underscores Kazakhstan's ambitions to strengthen its maritime capabilities and logistics infrastructure.
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