Growth of car import led to growth of oil products consumption in Azerbaijan
From January to July 2012 oil products consumption at the Azerbaijani market has significantly increased, according to the monthly data of the Azerbaijan State Statistical Committee.
State Statistical Committee reported that during 7 months, 2012 oil refineries of SOCAR delivered 3,054,000 tons of oil products to the local market. The volume of deliveries increased by 26.7% against the same period in 2011.
During this period 728,800 tons of petrol, 760,300 tons of diesel fuel, 562,900 tons of aviation kerosene, 204,400 tons of black oil, 72,600 tons of liquefied gas, 153,900 tons of oil bitumen and 572,000 tons of other oil products were delivered to the local market.
In 2011 4,416,000 tons of oil products were delivered to the local market, up 12.6% against 2010.
The growth of oil products consumption at the local market is caused by growing number of cars. During 6 months, 2012 18,900 cars were imported in Azerbaijan. The growth constituted 70%.-0-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review