Oil and gas condensate production fell by 6.2 percent year-on-year to 5.465 million tonnes in January-February, while natural gas output rose by 12.4 percent to 7.684 bcm.

The bank raised the upper level of the rate corridor to 9.25 percent from 9.00 percent and the lower level - to 6.25 percent from 6.00 percent.

Uzbekistan will increase grain production by 1 million tonnes this year and will also increase the import of raw sugar from Brazil.

Oil production in February was below the country’s quota under OPEC+ commitments at 668,000 bpd. Azerbaijan is now set to produce 675,000 bpd in March and 682,000 bpd in April.

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

Azerbaijan exports natural gas to Turkey and Europe through the Southern Gas Corridor and continues to make inroads into an energy market which until now has been dominated by Russia.