Investments in Azerbaijan's Oil and Gas Sector Decrease

The National Bank of Azerbaijan has announced a threshold for the price of Azeri Light crude oil needed to maintain a surplus in the country's balance of payments. “To maintain Azerbaijan's balance of payments, the average export price of one barrel of Azeri Light oil should range between $40 and $45,” said Samir Nasirov, Director of the Statistics Department of the Central Bank of Azerbaijan, at a briefing last week.

Azerbaijani Energy Minister Parviz Shahbazov will participate in the 4th meeting of the energy ministers of the member and observer states of the Turkic States Organization (TSO), which will take place on September 16 in Bishkek, Kyrgyzstan. The Ministry of Energy of Azerbaijan Republic's press service has announced this.

Baku and Belgrade are set to sign an agreement for additional supplies of Azerbaijani gas. According to Serbia’s Ministry of Mining and Energy, Minister Dubravka Jedovic Handanovic announced the preparation of a document for importing additional volumes of gas from Azerbaijan during a meeting with “Srbijagas” President Dusan Bajatovic.

From January to August 2024, 25.81 million tons of oil were transported through pipelines in Azerbaijan, by 2.45%  more  compared to the same period last year, according to the State Statistics Committee report.