Azeri oil reserve may have peaked

Oil extraction in Azerbaijan slowed in 2011, causing some concern among energy analysts that the country has reached its peak of production.

Azeri experts dismiss this, noting that new technologies will allow the country to extract more oil from areas thought to have peaked.

Ilham Aliyev, the President of Azerbaijan, announced recently that his country has a reserves of oil that will last for 50 more years, and reserves of natural gas for one hundred years. However, he also acknowledged the importance of diversifying the Azeri economy.