OPEC forecasts stable oil production in Azerbaijan in 2015, reads the monthly report of the organization released on August 11, 2015.
“It is expected that oil production in Azerbaijan will total in average 0.86 million barrels a day and will be stable in 2015. The forecast, which was published in the previous monthly report, did not change,” reads the document.
According to the OPEC report, in June 2015 oil production in Azerbaijan increased by 21,000 barrels a day and totaled in average 0.78 million barrels a day (after reduction by 57,000 barrels a day in May). Production declined in May as a result of the preventive works on the Western Chirag platform, which lasted from May 21 through June 6, 2015.
In May 2015 production of oil in Azerbaijan, including gas condensate, totaled 0.86 million barrels a day, reads the report.
OPEC forecasts that in 2015 oil production in Azerbaijan will total in average 0.85, 0.87, 0.86 and 0.79 million barrels of oil day.
Meanwhile, OPEC forecasts insignificant reduction of oil production in Azerbaijan in 2016. According to the forecasts, in each quarter in 2016 oil production will total 0.8 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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