Azneft, production company of State Oil Company of Azerbaijan, has published the production showings of three quarters this year.
According to Azneft, from January to September a total of 5,105,669 tons of oil has been extracted, up 1.1% against the plan (5,051,000 tons).
From January to September 2013 Azneft supplied to the consumers 5,085,981 tons of oil, up 1.2% against the plan (5,024,820 tons).
During this period Azneft also extracted 4,743,026,000 cub.m. of gas, up 2.4% against the plan (4,633,400,000 cub.m.) and supplied to the consumers 4,197,794,000 cub.m. against the plan of 4,162,500,000 cub.m.—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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