In January 2014 local market of Azerbaijan consumed in average 12,000 tons of oil products a day
During January 2014 373,600 tons of oil products were delivered to the local market, reads the monthly report of the Azerbaijan State Statistical Committee.
According to this information, last month deliveries to the local market dropped by 4.9% against January 2013.
In January 2014 the following oil products were delivered to the local market: 89,100 tons of diesel fuel, 104,800 tons of petrol, 36,400 tons of kerosene, 28,300 tons of black oil, 8,900 tons of oil bitumen, 17,100 tons of liquefied gas, 0.1 tons of lubricating oils and 88,900 tons of other oil products.—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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