Ilham Aliyev: New projects will keep Azerbaijan's oil output at necessary level

New projects will continue to maintain oil production in Azerbaijan at the necessary level, President Ilham Aliyev said at a meeting chaired by him and dedicated to the State Program for the Development of the Mining (Metal Ores) and Metallurgical Industries for 2027-2030, Report informs.

"If we look at the overall development of the country's economy, we will see that the growth rates are not very high. There are natural reasons for this, primarily the natural decline in oil production. Our main oil field, 'Azeri-Chirag-Gunashli,' has been in operation for nearly 30 years, and due to objective reasons, there are declining trends in production. We are working to stabilize these trends. At the same time, I am confident that new projects will continue to maintain oil production in Azerbaijan at the necessary level, and I hope there will even be growth. However, this is the reason why our overall economic growth and gross domestic product increased by 1.2 percent today. This should not concern us, because a much more important indicator is the development of the non-oil sector, where growth reached 5.4 percent in the first eight months of this year," President Ilham Aliyev said.