Brent Oil Price Drops Below $74 per Barrel for the First Time Since October 3

Since the start of commercial production on June 30, 2018, until December 1, 2024, the Shah Deniz 2 project has produced 11.5 million tons of condensate and 66.6 bcm of gas, the State Oil Company of Azerbaijan (SOCAR) reported.

From January to November 2024, Azerbaijan produced 46 billion 33 mcm of natural gas. According to the State Statistics Committee of Azerbaijan, 35 billion 115.9 mcm of this volume were marketed natural gas. In comparison with last year, natural gas production increased by 4.1%, while marketed gas production grew by 5.9%.

In January-November 2024, Azerbaijan transported 35 million 360 thousand tons of oil through its main oil pipelines. According to the State Statistics Committee, this was a 2.9% decrease compared to the same period in 2023. During this period, 75.9% of the transportation was carried out via the Baku-Tbilisi-Ceyhan (BTC) pipeline, totaling 26 million 831.1 thousand tons of oil, a 2.9% decrease compared to January-November 2023.

According to preliminary data, from January to November 2024, electricity production in Azerbaijan amounted to 25.932 billion kilowatt-hours. According to the Ministry of Energy of Azerbaijan, during the same period, electricity exports from Azerbaijan reached 1.255 billion kilowatt-hours, while imports totaled 159.8 million kilowatt-hours.