“Masdar” Expects Electricity Market Liberalization in Azerbaijan

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.

More than 70% of Azerbaijan's green energy capacity will be exported, stated Energy Minister Parviz Shahbazov during the Wind Energy Hamburg conference panel on "During the Energy Transition." He noted that over 70% of the green energy capacity created over the next six years (about 7 GW) will be directed toward export. A new energy supply map for Europe is currently being developed along various routes.

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.

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.