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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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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