According to the State Statistical Committee of Azerbaijan, in 2014 Azerbaijan extracted 42,041,800 tons of oil and condensate. Production decreased by 3.2% against 2013, reported the Committee.
The Committee also reported that last year the country extracted 41,892,900 tons of oil and condensate. During a year the production decreased by 2.8%.
In 2014 the country extracted 29,419,300,000 cub.m. of gas (including technical gas, which was injected into the oil wells to maintain bed pressure) (growth by 0.7%). The volume of tank gas totaled 18,728,700,000 cub.m. (growth by 4.9%). Considering this, one can say that during 2014 10,689,600,000 cub.m. of gas was injected into the oil wells, burnt on the torches and etc.—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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