SOCAR’s oil production dropped by more than 8%
From January to April 2016 SOCAR extracted 2,522,800 tons of oil, down 8.5% against the same period last year.
According to the data released on SOCAR’s web site, in April 2016 the company extracted 624,500 tons of oil.
From January to April 2016 Azerbaijan extracted 13,977,300 tons of oil (reduction by 1.8%), of which 3,469,800 tons in April.
In 2015 SOCAR extracted 8,160,500 tons of oil, production in Azerbaijan in general totaled 41,689,000 tons.—0—
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- Economics
- 23 May 2016 11:40
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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