ACG Oil Production Witnesses 20% Decline in Q1 2024

An Azerbaijani-Tajik business forum is currently taking place in Baku, underscoring the growing economic ties between the two nations. Azerbaijan's Economy Minister, Mikail Jabbarov, highlighted the significant potential for further increasing trade turnover between Azerbaijan and Tajikistan during his address at the forum.

The Government of Azerbaijan continues to prioritize the development of its transport sector, as evidenced by the growth and diversification of various modes of transport during January-April 2024. The total volume of cargo transportation by all vehicle types in Azerbaijan reached 73.8 million tons, up from 71.2 million tons in the same period last year. Notably, 77.3% of cargo transportation was carried out by private transport enterprises, with the remainder managed by state-owned companies.

In the first four months of 2024, Azerbaijan's agricultural sector contributed 2.116 billion manats to the country's gross domestic product (GDP), reflecting a 1.6% increase compared to the same period in 2023.

Azerbaijan's oil and gas sector experienced notable declines in production and exports in the first four months of 2024, according to the latest reports from the State Statistics Committee and the Ministry of Energy. The total output of liquid hydrocarbons, which includes oil and gas condensate, reached 9.64 million tons from January to April 2024, a 5.7% drop compared to the same period in 2023.