Azerbaijan, Baku, 6 November / Trend corr. I.Khalilova/ The oil industry of Azerbaijan will be still experiencing growth in 2009 and the oil production is expected to comprise 61.8mln tons, Azerbaijani Minister for Economic Development Shahin Mustafayev said on 6 November. In 2010, oil production is expected to comprise 64.1mln tons.
According to Mustafayev, the State Oil Company of Azerbaijan (SOCAR) will produce 34.5mln tons of oil in 2009-2012.
"When forecasting the macroeconomic indices for 2009, oil price was set as $80 per barrel, and for subsequent years as $70 per barrel," he said.
According to the Minister, "more conservative policy was used" when designing the draft consolidated budget for 2009 and $70 per barrel was set at the ground.
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