Azerbaijan consumes more and more oil products
From January to September 2013 deliveries of oil products to the local market of Azerbaijan totaled 3,857,600 tons, up 8.9% against the same period last year.
Deliveries of diesel fuel to the local market totaled 1,047,700 tons, petrol – 1,028,500 tons, kerosene – 405,300 tons, black oil – 162,700 tons, oil bitumen – 236,200 tons, liquefied gas – 120,400 tons and other oil products – 856,800 tons, reported the Azerbaijan State Statistical Committee.
The oil products consumption has increased at the local market mainly because of the two factors: a significant growth of cars in the country and poorly developed road infrastructure, which causes traffic jams and excessive consumption of oil products.—0---
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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