EBRD predicts reduction in Azeri oil output from 2012
Oil production will peak in Azerbaijan in 2012 but
is expected to contract in the following years, a senior economist
of the European Bank for Reconstruction and Development (EBRD) has
said.
Anita Taci said the resource-rich South Caucasus republic currently has potential to beef up its crude output. After record production levels anticipated in three years, however, production will decrease, which Taci predicts will adversely affect Gross Domestic Product (GDP) growth.
"It is for this reason that Azerbaijan should place an emphasis on developing its non-oil sector," the analyst said.
The country’s oil production hit a record high of 50.4 million tons in 2009.*
Anita Taci said the resource-rich South Caucasus republic currently has potential to beef up its crude output. After record production levels anticipated in three years, however, production will decrease, which Taci predicts will adversely affect Gross Domestic Product (GDP) growth.
"It is for this reason that Azerbaijan should place an emphasis on developing its non-oil sector," the analyst said.
The country’s oil production hit a record high of 50.4 million tons in 2009.*
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!