In 2016 Azerbaijan plans to export on average 650,000 barrels of Azeri Light oil a day, reliable sources from State Oil Company of Azerbaijan (SOCAR) told Turan.
Azeri Light oil is extracted on the bloc of Azeri-Chirag-Guneshli (ACG) fields in Azerbaijan. Condensate from the offshore field Shah Deniz is sold under the same brand name.
Last week average price of Azeri Light oil was$36.11 per barrel, down $1.46 against the same period last week.
Azerbaijan trades Azeri Light through the Turkish port Ceyhan and Georgian ports Batumi and Supsa. It is pumped to Ceyhan via the Baku-Tbilisi-Ceyhan (BTC) pipeline and to Georgia via the Baku-Supsa pipeline and also by railway.—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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