During first two months this year Azerbaijan extracted 6,867,400 tons of oil and condensate. This is down 1.4% against the same period last year, reported Azerbaijan State Statistical Committee.
According to the same source, during this period the volume production of tank oil totaled 6,857,500 tons (decline by 1.4%).
According to the Caspian Barrels Oil Studies Centre, in January 2016 Azerbaijan extracted 3,519,700 tons of tank oil (113,500 tons a day on average) and 3,337,800 tons in February (115,100 tons a day on average). In February 2016 Azerbaijan increased average daily production by 1.4%.
In 2015 oil production in Azerbaijan, including gas condensate, totaled 41,689,000 tons.—0—
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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