Azerbaijan Energy Market Overview

Oil accounts for 70% of the country's exports and half of state revenues. Until 2004, petroleum production had risen by approximately 4.0% per year, but technical problems and planned maintenance with the ACG field during that year kept production from rising for the fifth straight year. The growth trend resumed in 2005-2008, with estimated 2008 crude oil and gas liquids volumes moving to 925,000b/d as new fields were ramped up to fill the new Baku-Tbilisi-Ceyhan (BTC) pipeline. Pipeline disruptions in 2008 slowed the growth trend, so volumes fell short of earlier predictions. In December 2008, Azerbaijan pledged to cut 300,000b/d

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