From January to October 2015 US imported 4.82 million barrels of oil from Azerbaijan against 7.35 million barrels during the same period in 2014, reads the information posted on the web site of the US Energy Information Agency (EIA).
The same source said that in October 2015 US imported 1.77 million barrels of Azerbaijani oil against 3.15 million barrels in October 2014.
In 2014 US imported a total of 8.4 million barrels of Azerbaijani oil against 10.41 million barrels in 2013.
* This year US is going to reduce oil import from the traditional suppliers, due to growth of local production for three years running, which has exceeded an average of 1 million barrels. For instance, in summer 2015 US fully suspended oil import from Nigeria. Azerbaijani oil is imported to the US by ExxonMobil company, which extracts oil on the Azeri-Chirag-Guneshli (ACG) offshore bloc.—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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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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