Factors Behind Azerbaijan's Declining Foreign Trade Turnover

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.

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).

The fuel and energy complex (FEC) remains a key one in the economy of Azerbaijan, but 2023 was held under the slogan of transition to a "green economy", the development of renewable energy sources and was marked in December at COP28 by SOCAR's commitment to reduce greenhouse gas emissions and the development of low-carbon projects.