Azerbaijan`s Oil Revenues Growing, Is There Risk of High Oil Prices?

With only days remaining until the 29th session of the United Nations Framework Convention on Climate Change (COP29), starting on November 11 in Baku, around 40,000 delegates from over a hundred countries are expected to attend. This event, running through November 22, marks an unprecedented responsibility for Azerbaijan, which holds the COP29 presidency, as the session will address issues of global significance.

The risks of pollution of transboundary rivers in Karabakh by Armenian mining companies continue to worry the public of our country. How justified is this concern? Here are a number of reasons/factors that clearly explain the concern of the Azerbaijani public:

On September 20, the 30th anniversary of the "Contract of the Century" was commemorated in Baku. This was Azerbaijan's first international oil agreement with foreign investors, which ushered in a new era of economic development for modern Azerbaijan. The celebration of this significant milestone in oil contracts was neither pompous nor overshadowed by the fact that the country's oil production is declining.

Baku Oil Refinery named after Heydar Aliyev (BNEZ) of the Azerbaijan State Oil Company (SOCAR) plans to start production of gasoline conforming to Euro-5 environmental standards this month.