Oil production to be ramped up
Azerbaijan`s oil production is forecast to increase in 2009 to
reach 61.8 million tons, Shahin Mustafayev, the newly-appointed
Minister of Economic Development has said.
Mustafayev told reporters that in 2010, oil production in the country is predicted to hit a record high of 64.1 million tons. In 2009-2012, 34.5 million tons of oil will be produced by the state oil company SOCAR, while 214.3 million tons will be provided by the international oil consortium AIOC.
Meanwhile, the International Energy Agency said the price of oil will surge to $200 by 2030. In a statement, it noted that although instability had caused world crude prices to dwindle, the period of cheap oil is about to end.
The agency`s experts have predicted the average price of oil at $100 per barrel during the period of 2008-2015.
Mustafayev told reporters that in 2010, oil production in the country is predicted to hit a record high of 64.1 million tons. In 2009-2012, 34.5 million tons of oil will be produced by the state oil company SOCAR, while 214.3 million tons will be provided by the international oil consortium AIOC.
Meanwhile, the International Energy Agency said the price of oil will surge to $200 by 2030. In a statement, it noted that although instability had caused world crude prices to dwindle, the period of cheap oil is about to end.
The agency`s experts have predicted the average price of oil at $100 per barrel during the period of 2008-2015.
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!