The State Oil Fund of Azerbaijan Increases Currency Sales Amid Rising Fiscal Transfers

The gradual decrease in oil production in Azerbaijan may lead to a reduction in the production of oil products, as reflected in the government's forecasts for 2025-2028.

Azerbaijan is increasing its production of urea (nitrogen fertilizers), as reflected in the production figures for 2024 and government forecasts through 2029.

Azerbaijan's metallurgical and manufacturing sectors are experiencing a dramatic upswing, with steel rebar production climbing 78% in October 2024 compared to the same period in 2023. Over the first ten months of the year, the country produced 382,900 tons of rebar, underscoring significant progress in domestic output and industrial capacity.

Steel production in Azerbaijan is on the rise, growing by 19% in 2024, signaling recovery in a sector often regarded as an industrial health indicator. Bolstered by increased demand from the construction and oil and gas industries, this steady growth underscores broader efforts toward economic revitalization.