Fitch: Azerbaijan's oil & gas sector to recover by 2023

16:00 - 11.10.2021

October 11, Fineko/abc.az. Given the forecasts of Fitch Solutions, which promise that the average oil price in 2021 will be $70 and in 2022 – $67, the Azerbaijani oil & gas sector is likely to gradually recover until 2023.

This is stated in the Fitch Solutions review on the economy of Azerbaijan.

The review says that the country suffered from the shock of low oil prices during the COVID-19 pandemic, but OPEC+, which initiated cuts in oil production, partially restored the sector's revenues by increasing prices again.

Over Jan-Aug 2021 country's oil GDP decreased by 1.2% and non-oil GDP by 5.7%.

 

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