16:56 - 25.11.2024
November 25, Fineko/abc.az. In recent years, there has been a significant decrease in the dependence of the Azerbaijani economy on the oil & gas sector.
ABC.AZ reports that Economy Minister Mikail Jabbarov made the relevant statement at the Milli Majlis plenary session.
He added that the peak of oil production was recorded in 2010 (50.8 million tons).
"In 2014, country’s oil production reached 42.1 million tons, in 2018 - 38.8 million tons, in 2021 - 31.6 million tons. This year, the projected volume of oil production is 29.2 million tons. This year, it is expected that the average price of Brent crude oil will be about $80. For comparison, in 2014 the average oil price was $99," Jabbarov said.
The minister added that if in 2014 the share of the oil and gas sector in the State Budget was $15.5 billion or 66% of budget revenues, then in the updated budget for 2024 oil and gas revenues amount to $10.5 billion, and their share in budget revenues decreased to 49%.
"This result reflects the work done towards diversifying the country's economy," the minister said.
