“In recent years, the production of oil within the framework of projects being implemented by foreign oil companies has been declining year after year, which has naturally had a negative impact on our overall economic development rates, and we made up for this decline with the development of the non-oil sector,” said President Ilham Aliyev as he addressed the meeting on economic issues, Report informs.
“However, as a result of negotiations with foreign oil companies, the drawbacks in oil production were brought to their attention, we demanded that they eliminate these drawbacks and ensure the stability of oil production. Very hard work has been done in this direction in the last few months. As a result of this work, reasonable hopes have arisen that there will be no further unfounded declines in oil production,” the head of state added.