OPEC keeps Azerbaijan’s oil output forecast unchanged

OPEC keeps Azerbaijan’s oil output forecast unchanged OPEC kept its forecast on Azerbaijani oil production unchanged at 0.96 million barrels per day (bpd) for 2012 and 2013. “Azerbaijan oil production is predicted to remain steady in 2012 and average 0.96 million bpd, flat compared to the previous month,” OPEC’s September oil market report says. According to OPEC forecasts, the country’s oil production will amount... Read More

BTC pumped 32m tons of Azeri oil in 2011

BTC pumped 32m tons of Azeri oil in 2011 The Baku-Tbilisi-Ceyhan (BTC) oil pipeline transported more than 32.22 million tons of Azerbaijani oil in 2011, down from 37 million tons reported in 2010, the state oil company Socar said Monday. In December alone, over 2.16 million tons of crude were pumped via the pipeline, which pumps oil produced from Azerbaijan’s Azeri-Chirag-Gunashli (ACG) block of fields in the Caspian Sea and condensate from the... Read More

Azerbaijan Economy in 2012; expectations and challenges

Azerbaijan Economy in 2012; expectations and challenges Official forecasts for Azerbaijani economy in 2012 seem quite optimistic. According to Ministry of Economic Development reports although downturn in world economy. The Government of Azerbaijan (GoA) targets 5,7 % GDP Growth in 2012 meanwhile The Central Bank’s monetary policy is announced keeping inflation to single digits. Meanwhile, International Monetary Fund (IMF) projected at 7,1 % Azerbaijan’s... Read More