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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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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