BAKU, Azerbaijan, Nov.8
By Leman Zeynalova - Trend:
The volume of oil production in Azerbaijan in 2025 is expected to reach 34.7 million tons, or 0.5 percent less compared to 2020, which will affect the country's economic growth, Trend reports with reference to the draft 2022 state budget of Azerbaijan.
The volume of production in the oil and gas sector significantly affects the dynamics of economic growth in Azerbaijan.
The country's average annual GDP growth rate is expected to be 4 percent in 2022-2025. At the same time, the growth rate of oil GDP will be 1.5 percent, while as of 2021, the growth of oil GDP is projected at 3.2 percent.
Ministers of OPEC+ participating countries have recently agreed to keep the July decision in place, thus expressing commitment once again to boost the daily oil production by 400,000 barrels each month.
According to the Declaration on Cooperation, Azerbaijan will increase crude oil production by 7,000 barrels per day compared to November, keeping it at 654,000 barrels in December.
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