Oil Rises in Price on Geopolitical Risks

Kazakhstan is exploring the possibility of increasing its annual oil shipments through the Baku-Tbilisi-Ceyhan (BTC) pipeline from the current 1.5 million tons to 20 million tons,

Southern Gas Corridor does not transport Russian gas to the EU, the European Commission's (EC) climate and energy representative, Tim McPhee,  said in response to unfounded claims directed at Baku regarding Russian gas supplies.

The share of the non-oil and gas sector in Azerbaijan’s Gross Domestic Product (GDP) is expected to rise from 68% to 71.3% by 2025,  the Chairman of the Parliamentary Committee on Economic Policy, Industry, and Entrepreneurship, Azer Amiraslanov,  stated during a plenary session of the Milli Majlis.

Azerbaijan’s oil production in 2024 is projected to be 29.2 million tons, said Economy Minister Mikayil Jabbarov during the discussion of the 2025 state budget in the Milli Majlis (Parliament).