Azerbaijan Confidently Sees Oil Output Stabilization Amid Decline

Azerbaijan's oil output will remain at necessary levels due to new projects, according to President Ilham Aliyev. Speaking at a meeting on the State Program for the Development of the Mining (Metal Ores) and Metallurgical Industries for 2027-2030, he acknowledged that natural decline in oil production has led to growth rates not exceeding 1.2 percent.

The main oil field, 'Azeri-Chirag-Gunashli,' has been operational for nearly 30 years and is experiencing declining trends in production due to objective reasons. However, President Aliyev expressed confidence that new projects will maintain oil production at the necessary level and potentially lead to growth.

He highlighted the importance of the non-oil sector's development, where growth reached 5.4 percent in the first eight months of this year. This indicator is seen as more significant than the overall economic growth rate.