In 2016 oil extraction in Azerbaijan will total 0.85 million barrels a day, down 10,000 barrels a day against 2015, reads the OPEC report about the oil market.
In its June report OPEC forecast reduction of oil extraction in Azerbaijan in2016 by 20,000 barrels – to 0.84 million barrels a day.
OPEC also expects reduction of oil extraction in Azerbaijan by 40,000 barrels a day (2 million tons a year) in 2017, due to lack of new projects.
According to OPEC, in June 2016 oil production in Azerbaijan dropped by 10,000 barrels a day against May – to 0.78 million barrels a day.—0—
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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