{"id":265445,"date":"2012-04-11T20:48:27","date_gmt":"2012-04-11T20:48:27","guid":{"rendered":"http:\/\/new.moldova.org\/2012\/04\/11\/azerbaijan-experiences-a-high-economic-growth-due-to-its-oil-exports-229734-eng\/"},"modified":"2012-04-11T20:48:27","modified_gmt":"2012-04-11T20:48:27","slug":"azerbaijan-experiences-a-high-economic-growth-due-to-its-oil-exports-229734-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/azerbaijan-experiences-a-high-economic-growth-due-to-its-oil-exports-229734-eng\/","title":{"rendered":"Azerbaijan experiences a high economic growth due to its oil exports"},"content":{"rendered":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

Azerbaijan has been experiencing an oil boom since 2006 when they began to register high economic growth rates averaging at nearly 20 percent every year.<\/p>\n

The country was for a short period of time the world’s leading petroleum producer at the beginning of the 20th century. Today it is an important oil supplier for many countries.<\/p>\n

According to a report published by the Center for Economic & Social Development entitled Oil Boom and Resource Curse<\/a>, the country’s GDP for 2000 was $5.3 billion. In 2005 it was $13.2 billion, in 2008 $46.4 billion and by 2010 it was estimated to be $54.4 billion.<\/p>\n

“Not only is Azerbaijan an important oil producer, but it also exports over 90 percent of the oil it produces. Azerbaijan’s oil exports started growing from 1995 onwards, following the signing of the "Contract of the Century", which brought foreign direct investment by international oil companies into offshore oil exploration,” shows the report.<\/p>\n

Azerbaijan is the world’s 20th largest oil producer with over one million barrels of oil extracted a day. The Russian Federation ranks the first position and produces 9.5 million barrels of oil per day. Russia is followed by Saudi Arabia with 8.3 million barrels, Norway 2.1 and Libya with 1.7 million barrels a day.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>Azerbaijan has been experiencing an oil boom since 2006 when they began to register high economic growth rates averaging at nearly 20 percent every year.<\/p>\n","protected":false},"author":3,"featured_media":265444,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-265445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> < 1<\/span> minute<\/span><\/span>

Azerbaijan has been experiencing an oil boom since 2006 when they began to register high economic growth rates averaging at nearly 20 percent every year.<\/p>\n

The country was for a short period of time the world’s leading petroleum producer at the beginning of the 20th century. Today it is an important oil supplier for many countries.<\/p>\n

According to a report published by the Center for Economic & Social Development entitled Oil Boom and Resource Curse<\/a>, the country’s GDP for 2000 was $5.3 billion. In 2005 it was $13.2 billion, in 2008 $46.4 billion and by 2010 it was estimated to be $54.4 billion.<\/p>\n

“Not only is Azerbaijan an important oil producer, but it also exports over 90 percent of the oil it produces. Azerbaijan’s oil exports started growing from 1995 onwards, following the signing of the "Contract of the Century", which brought foreign direct investment by international oil companies into offshore oil exploration,” shows the report.<\/p>\n

Azerbaijan is the world’s 20th largest oil producer with over one million barrels of oil extracted a day. The Russian Federation ranks the first position and produces 9.5 million barrels of oil per day. Russia is followed by Saudi Arabia with 8.3 million barrels, Norway 2.1 and Libya with 1.7 million barrels a day.
\n <\/p>\n

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