Bank Of Baku

EBRD: Azerbaijan will see gradual decline in oil production after 2012

EBRD: Azerbaijan will see gradual decline in oil production after 2012
# 26 January 2010 15:44 (UTC +04:00)
The specialist added that Azerbaijan has the potential to increase production, and then, oil output will gradually decline, adversely affecting GDP.

The country is expected to reach the maximum rate of production in 2012, she noted.

“That is why Azerbaijan needs to pay serious attention to the development of non-oil sector," she added.

Oil production reached a record high of 50.4 million tons in 2009.
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