Narek Karapetyan: Armenia can overtake Azerbaijan amid declining oil prices

Strong Armenia Party Council member Narek Karapetyan presented changes in regional economic dynamics, noting that Azerbaijan’s oil production has declined by 30% over the past seven years, from 750,000 barrels per day to 500,000.

Since 90% of Azerbaijan’s exports consist of oil and gas and the country lacks a diversified industrial base, it will face a serious setback amid the spread of electric vehicles and an expected decline in oil prices. According to Karapetyan, with proper efforts and by leveraging Armenia’s national and Diaspora potential, Armenia will inevitably narrow the economic gap and overtake Azerbaijan.

Details in the video.