Lenders reported a rise in total net profit of 19.3 percent year-on-year of 570.1 million manats ($335.4 million) in the period from January to October 2021.

The move will significantly increase output of a project conceived to reduce Europe's dependence on Russian gas.

The Energy Ministry said that oil production was still below 718,000 bpd produced in October 2018, when members of OPEC+ agreed to reduce oil production gradually.

Oil and gas condensate production declined 0.3 percent from January to October from a year earlier to 28.8 million tonnes, while natural gas output increased 17 percent to 35.8 bcm.

“In most cases, we are criticised for nothing, but our opponents are silent about our achievements.”

Fitch forecasts Azerbaijan's gross domestic product (GDP) growth of 4.9 percent in 2021, following last year's 4.3 percent contraction.

Gross domestic product (GDP) grew 4.9 percent in January-October this year from a year earlier mainly backed by the growth in the non-oil sector.

Azerbaijan held grandiose celebrations to mark victory in a brief war to de-occupy territory held for 30 years by Armenia, but a formal peace eludes negotiators and violent incidents still punctuate the region.