In January and February 2016 gas production in Azerbaijan totaled 4,945,200,000 cub.m.. According to the Azerbaijan State Statistical Committee, gas production increased by 2.5% against the same period last year.
During this period tank gas production in the country totaled 3,154,700,000 cub.m. (decline by 8.3%).
In January produced 1,602,100,000 cub.m. of tank gas, while in February 1,522,600,000 cub.m. In January 2016 average volume of tank gas production totaled 51.68 mcm, while in February – 53.54 mcm.
In 2015 Azerbaijan extracted 29,742,700,000 cub.m. of gas. The tank gas production totaled 18.9 bcm.—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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