Europe increased gas withdrawals from storage to a four-year high

In January-November 2024, Azerbaijan imported 513.5 mcm of natural gas worth nearly $82 million. In the same period of 2023, Azerbaijan imported 2 billion 217.7 mcm of natural gas,  the monthly bulletin "Foreign Trade Relations of Azerbaijan," prepared by the State Statistics Committee of the Republic of Azerbaijan.

In January-November 2024, Azerbaijan imported 1.724 million tons of crude oil worth $948.86 million, the monthly bulletin "Foreign Trade Relations of Azerbaijan," prepared by the State Statistics Committee of the Republic of Azerbaijan. Based on the official statistics,  Turan Agency calculated that the average cost of 1 ton of imported oil was $550.38, or about $74.37 per barrel.  During the same period in 2023, Azerbaijan imported 1.782 million tons of oil worth $994.04 million. The average cost of 1 ton of imported oil was $557.68, or about $75.36 per barrel.

In January-November 2024, Azerbaijan spent $306.1 million on fuel imports (gasoline, diesel fuel, and aviation kerosene), by 74% more than in the same period of 2023,  the monthly bulletin "Foreign Trade Relations of Azerbaijan," prepared by the State Statistics Committee of the Republic of Azerbaijan.

The Central Bank of Azerbaijan (CBA) forecasts the average oil price for 2025 at $77.3 per barrel, the chairman of the CBA, Taleh Kazimov, stated at a press conference.