In Medium Term, Russia Proceeds from Oil Price of $ 50 per Barrel

In recent years, oil production in Azerbaijan, as part of projects implemented by foreign oil companies, has been declining year after year, which has naturally negatively impacted our overall economic development. We have compensated for this decline by developing the non-oil sector, the President of Azerbaijan, Ilham Aliyev, said at a meeting in the Presidential Administration dedicated to economic issues. "However, as a result of negotiations with foreign oil companies, deficiencies in oil production were communicated to them, and they were asked to address these issues to ensure stable oil production. Very active work has been carried out in this direction in recent months," the head of state explained.

On September 26, Azerbaijan and Serbia signed an agreement for additional gas supplies. Azerbaijani Energy Minister Parviz Shahbazov announced this on his social media page. The companies SOCAR and Srbijagas have signed a purchase agreement for an additional 1 mcm of gas per day.

Azerbaijan and Slovakia are discussing the practical aspects of gas supply and transportation through the relevant gas systems, Deputy Minister of Economy Anar Akhundov stated at the Azerbaijani-Slovak business forum held on September 25 in Baku.

Since the start of operations of the Trans-Adriatic Pipeline (TAP), a total of 40 bcm of gas have been transported,  TAP Managing Director Luca Schieppati said at the Italian Energy Summit.