Energy
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Global energy demand is projected to reach 374.1 million barrels of oil equivalent per day by 2050, an increase of 24% compared to 2023, according to OPEC's annual report. This is the first assessment by the organization regarding global energy consumption through the mid-21st century; previously, OPEC had published forecasts only until 2045.
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“Masdar” (UAE) anticipates the liberalization of Azerbaijan's electricity market over the next four years, Murad Sadigov, head of “Masdar” Azerbaijan Energy, said during a green finance conference in Baku. "For the Azerbaijani government, this has been a challenging transformation, as national legislation focused on regulating electricity generated from fossil fuels. However, as investors, we see certain progress. In the next four years, Azerbaijan's electricity market will be liberalized, which will provide a significant boost for the development of green energy," he said.
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Total spending on the green budget is set to increase by more than 16% in 2025, including budget allocations for climate change mitigation, Azerbaijan's Prime Minister Ali Asadov said during a Cabinet meeting discussing the state budget and consolidated budget projections for 2025 and the next three years.
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Türkiye, the third-largest buyer of Russian oil, has cut its imports from Russia by half amid repairs at the STAR refinery near Izmir. In August, imports fell to just under 200,000 barrels per day from 400,000 - 450,000 barrels per day earlier in the summer, according to market analysis firm Kpler. The repairs, which began on September 5 and are expected to last around two months, affect approximately 45% of all Russian oil supplied to the Turkish market. The STAR refinery, operated by Azerbaijan’s SOCAR, has a capacity of about 200,000 barrels per day, meeting around 20% of Türkiye's petroleum needs and primarily processes Azeri Light, Iraqi Kerkuk, and Russian Urals crude.
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