Azerbaijan is now set to produce 688,000 bpd in May, up from 682,000 bpd that is expected to be produced in April.

Azerbaijan mainly produces oil on its major Azeri-Chirag-Guneshli (ACG) oilfields, the largest oil field block in Azerbaijan developed by a BP-led international consortium.

Growth is expected to decelerate to 1.7 percent in 2022, a downward revision of 2.5 percentage points relative to the forecast made in November 2021.

In the past year, the two leaders have held two meetings – one hosted by Kremlin leader Vladimir Putin the other by the European Union – and have made progress towards clinching an agreement a little more than a year after the “Second Karabakh War” in which Azerbaijan restored control over swathes of territory held by Armenians for three decades.

Investment in the construction of a solar plant with a capacity of 230 megawatts is estimated at $225-$240 million.