Fitch: Azerbaijan's economic slowdown is linked to the downturn in the oil industry

The oil field we have been developing for 30 years has seen its estimated reserves increase from 500 million tons to 1.5 billion tons, according to the new assessments, the President of the Republic of Azerbaijan, Ilham Aliyev, said in an interview with the news agency "Russia Today."

In a country with sufficient reserves of traditional and green energy, there is no need to invest in costly nuclear power, Ilham Aliyev, President of the Republic of Azerbaijan, said in an interview with "Russia Today" when asked whether Azerbaijan needs a nuclear power plant.

Russia became the second-largest supplier of gas to the European Union in October, losing its leadership to Algeria, according to data from Eurostat. In September, Russia had become the primary gas supplier to Europe for the first time since spring 2022, delivering gas worth €1.4 billion and accounting for 23.7% of the EU's gas imports. However, in October, gas supplies dropped by 6% to €1.3 billion. As a result, Russia became the second-largest supplier, with a 21.2% share. Algeria increased its gas exports to the EU in mid-autumn, reaching €1.3 billion, up from €1.1 billion the previous month, and accounted for 21.6% of the market. The United States rounded out the top three, with €1.2 billion in gas exports, an increase of 19% compared to the previous month.

In January-November of this year, solar power plants in Azerbaijan generated 520.2 million kWh of electricity, the monthly statistics report from the State Committee on Statistics of the Republic of Azerbaijan. According to the data, this is an increase of 457.9 million kWh (8.4 times) compared to the same period last year.