Azerbaijan's Foreign Exchange Reserves Rise 7.3% in First Three Quarters

The gradual decrease in oil production in Azerbaijan may lead to a reduction in the production of oil products, as reflected in the government's forecasts for 2025-2028.

Azerbaijan is increasing its production of urea (nitrogen fertilizers), as reflected in the production figures for 2024 and government forecasts through 2029.

In the first 11 months of 2024, the State Oil Fund of Azerbaijan (SOFAZ) reported foreign currency sales totaling USD 6.494 billion, marking a 2.55-fold increase compared to the same period in the previous year.

Azerbaijan's metallurgical and manufacturing sectors are experiencing a dramatic upswing, with steel rebar production climbing 78% in October 2024 compared to the same period in 2023. Over the first ten months of the year, the country produced 382,900 tons of rebar, underscoring significant progress in domestic output and industrial capacity.