Azerbaijan to cut oil production this year; gas output will grow

Production of natural gas will increase to 30.2 billion cubic meters from 29 billion cubic meters, Rahman Qurbanov, vice-president for production and transportation of oil and natural gas at Socar, told an energy conference in Baku on Thursday.

Socar’s own oil production will remain unchanged at 8.3 million tons. Gas output is expected to fall to 6.5 billion cubic meters from 7.2 billion cubic meters in 2014.