Oxford Economic Country Briefings, January 8th, 2007
Highlights and Key Issues * Gas output is set to rise sharply with the launch of commercial production from the Shakh-Deniz field, but early technical problems highlight uncertainty over recoverability of reserves, and there are commercial as well as political risks to undercutting Russian prices in talks with potential buyers. * Sharply lower gas imports in 2007 will widen the external surpluses, making it another year of rapid export- and investment-led growth. And while surplus energy revenues are being channelled into reserve funds, they also give security for more external borrowing fro...
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