IMF: Azerbaijan’s daily oil production to reach 0.67 million barrels in 2020

27 April 2020 18:29 (UTC+04:00)

By Ofeliya Afandiyeva

Azerbaijan's daily oil production is forecast to be 0.67 million barrels in 2020, local media reported on April 27, citing the April review of the IMF (International Monetary Fund) for the Caucasus and Central Asia.

Based on the forecasts of the IMF, in 2020, the GDP of Azerbaijan's non-oil sector will decrease by 2 percent, and in 2021 the growth will be 1 percent.

Earlier, the IMF stated that Azerbaijan's GDP will decrease by 2.2 percent in 2020 and economic growth by 0.7 percent in 2021.

Note that these forecasts are based on the negative impact of the COVID-19 pandemic and the fall in oil prices on the country's economy.

In addition, referring to the Fund’s expectations for Azerbaijan, the nominal GDP will be $40 billion this year and $42 billion in 2021.

Moreover, the Fund anticipates that the oil sector in Azerbaijan will decrease by 2.5 percent in 2020 and increase by 0.2 percent in 2021.

In relation to the estimations of the IMF, the country's daily oil production in 2020 will be 0.67 million barrels (in 2019 - 0.71 million barrels), in 2021 - 0.65 million barrels.

Furthermore, the Azerbaijani government forecasts GDP growth of 3 percent in 2020 and 3.7 percent in 2021. During this period, GDP in the non-oil sector will increase by 3.8 percent and 3.4 percent.

Expectations for GDP in the oil sector are estimated with 0.9 percent and 4.5 percent in 2020-2021 respectively.

However, the government has not yet released updated forecasts for the coronavirus pandemic and falling oil prices.

In 2019, Azerbaijan's GDP increased by 2.2 percent, the non-oil sector by 3.5 percent, and the oil sector by 0.4 percent.

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