Azerbaijan Increased Oil Production by 5.5% in August

Currently, the internal market of Azerbaijan is still supplied with Euro-2 standard diesel fuel, the October report of the international agency “Argus”, which specializes in oil and petroleum product market analysis. It is noteworthy that in early June, at the Baku Oil Week exhibition, the State Oil Company of Azerbaijan (SOCAR) showcased that it had started producing Euro-5 quality diesel fuel in 2023. However, it later became clear that this quality of petroleum product is exported, and domestic supplies would commence later.

The Asian Development Bank (ADB) has allocated $225,000 through a special technical assistance Fund for the implementation of the project to create a "green energy corridor" across the Caspian Sea.

From January to August 2024, Georgia imported 1 bcm of natural gas from Azerbaijan worth $149.5 million, which is 18% less in value and 10% less in volume compared to the same period in 2023, the National Statistical Office of Georgia reported. According to the information, Azerbaijan ranked first among the countries exporting natural gas to Georgia.

From January to August 2024, Armenia produced 6,121.2 million kWh of electricity, by 2.4% more than in the same period in 2023, the data published by the National Statistical Committee of Armenia. The largest share of electricity generation - 40% - comes from thermal power plants, producing 2,448.1 million kWh (a decrease of 8.3%).