Oil rises in price due to suspension of supplies in the Red Sea

From January to October this year, the State Oil Fund of Azerbaijan (SOFAZ) earned $5.334 billion from the development of the Azeri-Chirag-Gunashli (ACG) oil fields, located in Azerbaijan’s sector of the Caspian Sea. According to SOFAZ, this represents a decrease of $531.6 million, or 9.06%, compared to the same period in 2023. In January-October 2023, SOFAZ earned $5.866 billion from the ACG project.

From January to October this year, the State Oil Fund of Azerbaijan (SOFAZ) earned $416.174 million from the development of the “Shah Deniz” gas field in Azerbaijan’s sector of the Caspian Sea. According to the Fund, this is a decrease of $766.826 million, or 2.8 times, compared to the same period in 2023.

The Cabinet of Ministers has amended the decree from April 22, 1998, “On Customs Duty Rates for Export-Import Operations.” Prime Minister Ali Asadov signed the new decree on November 7, 2024.

The energy ministers of Azerbaijan and Kazakhstan discussed issues related to the "green energy" corridor between Central Asia and Azerbaijan during a meeting in Italy, according to Azerbaijan's Ministry of Energy.