During 10 months demand in oil products increased by almost 10%
From January to October 2013 4,336,000 tons of oil products were delivered to the local market, up 9.9% against the same period last year.
According to the Azerbaijan State Statistical Committee, from January to October 1,171,000 tons of gasoline, 1,151,000 tons of diesel fuel, 454,600 tons of aviation kerosene, 197,800 tons of black oil, 136,600 tons of liquefied gas, 263,800 tons of oil bitumen and 960,500 tons of other oil products were delivered to the local market.
Except for black oil and lubricating oils, deliveries of other oil products to the local market increased.—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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