During 6 months, 2012 Azerbaijan exported a total of 726,408,027 tons of oil products.
According to the Azerbaijan State Customs Committee, during this period the country's incomes from oil products export totaled $604,027,260. From January to June 2012 average export price of 1 ton of oil products of Azerbaijan totaled $831.5.
Oil products export constituted 4.75% of total volume of the country's export during this period ($12 billion 711,506,660). Export of this product decreased by 19.36% (in money equivalent) against the same period last year.
* Reduction of oil products export is connected with growing consumption at the domestic market of Azerbaijan.-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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