Azerbaijan Produces 50% of Confirmed Oil Reserves and 10% of Gas. Will We Stay with "Dry Residue"?

In April, the International Energy Agency (IEA) stated that gas prices in Europe and Asia in the first quarter of 2024 fell below pre-crisis levels amid an oversupply with declining demand. The IEA believes that the demand for EU gas "injections" in the summer of 2024 may be 35 percent lower than the average over the past five years. At the same time, China will account for a third of global gas demand in 2024.

The recent downturn in oil production in Azerbaijan has exerted a significant impact on the country's foreign trade turnover, sparking concerns and prompting a closer examination of underlying factors driving this trend.

SOCAR Turkiye, which celebrated its 15th anniversary in Turkiye in 2023, continues to make strategic investments in the energy sector in accordance with the common strategic goals of Azerbaijan and Turkiye.

As a result of the early presidential elections on February 7 in Azerbaijan, Ilham Aliyev, who has been in office for more than 20 years, became the head of state for a seven-year term, and officially "took the helm" again on February 14 (inauguration).