Davos: President of Azerbaijan Ilham Aliyev has expressed optimism regarding the potential for a second significant oil boom in Azerbaijan. Speaking at the 'Azerbaijan Executive Breakfast' during the World Economic Forum in Davos, President Aliyev discussed the country's energy production strategies and future expectations.

According to Azerbaijan State News Agency, President Aliyev highlighted Azerbaijan's current approach of increasing gas production while decreasing oil production. However, he emphasized that there are plans in place to stabilize and potentially increase oil production. This strategy is tied to ongoing exploration projects by international energy companies that could yield promising results.

President Aliyev stated that it is early to make definitive claims, but the outcomes of these exploration efforts could lead to a substantial resurgence in Azerbaijan's oil industry. The President's comments reflect a forward-looking perspective on Azerbaijan's energy sector, with hopes pinned on successful exploration outcomes to drive future economic growth.