Since early year oil production in Azerbaijan dropped by 300,000 tons
According to the Azerbaijan State Statistical Committee, during the first two months 2013 production of oil and condensate decreased by 3.6% or 300,000 tons (more than 2.2 million barrels) against the same period last year and totaled 7.2 million tons.
The oilmen managed to reduce the pace of oil production decline - in January and February 2012 the production decreased by 5.1% against the same period in 2011.
According to the Statistical Committee, during this period production of tank gas in the country totaled 2.9 billion cub.m., down 5% against January and February 2012.
According to the government’s forecast, this year Azerbaijan plans to produce 40,820,500 tons of oil and condensate and 28,822,700,000 cub.m. of gas (including technical gas, which is injected into the oil wells to maintain bed pressure).—0--
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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