Oil production at ACG in 2023 is projected at 130 million barrels

OPEC+ countries have agreed to maintain oil production at 39.7 million barrels per day until the end of 2026, Azerbaijan's Energy Minister Parviz Shahbazov wrote on his social media account "X." "According to the agreement, Azerbaijan's oil production quota will remain unchanged throughout this period. In addition, eight countries will continue their voluntary production cuts of 1.65 million b/d, announced in April 2023, until December 2026. Further voluntary cuts of 2.2 million b/d, announced in November 2023, will continue until the end of March 2025," said the minister. Furthermore, the reductions of these countries, totaling 2.2 million b/d, will be gradually phased out by the end of September 2026.

Georgia is not only a "window" for Azerbaijan into Western markets but also a key link in the developing "East-West" transport corridor. Since gaining independence, the two countries have effectively integrated their economies: it is difficult for one to exist without the other.

The construction of the Iğdır-Nakhchivan gas pipeline has been completed on schedule, and its official opening is expected soon, the Turkish Consul General in the Nakhchivan Autonomous Republic, Asip Kaya announced.

The State Oil Company of Azerbaijan (SOCAR) and Yokogawa Electric have signed a Memorandum of Understanding, SOCAR’s press service.