OPEC+ countries did not increase production

According to operational data, Azerbaijan produced 26.5 million tons of oil (including condensate) from January to November 2024, the monthly report from the Ministry of Energy of the Republic of Azerbaijan. For comparison, in the same period last year, Azerbaijan produced 27.6 million tons of liquid hydrocarbons. Thus, production volumes in the country decreased by 1.1 million tons during the reported period.

From January to November 2024, Azerbaijan produced 45.8 bcm of gas (including volumes injected into oil wells). This represents an increase of 1.8 bcm compared to the same period last year.

Azerbaijan is currently selecting a company to build the country's first industrial battery energy storage system, Deputy Minister of Energy, Elnur Soltanov, told journalists. The state-owned company "Azerenerji" is conducting the necessary work to integrate renewable energy sources with a total capacity of around 2 GW into Azerbaijan's energy system. Currently, eight renewable energy projects with a total capacity of approximately 2 GW are underway in the country. To integrate these capacities into the energy system, the system operator "Azerenerji" is implementing innovations and modernizing the infrastructure, Soltanov noted.

Spanish companies are expressing interest in investing in Azerbaijan's renewable and green energy sectors. This issue was discussed during a meeting between the agency's director, Javid Abdullayev, and the Chargé d'Affaires of the Spanish Embassy in Azerbaijan, José Pedro Torrubia, according to the State Agency for Alternative and Renewable Energy Sources under the Ministry of Energy.