Oil fell 4% as tensions around Ukraine eased

In January-March 2024, budget revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) amounted to 5,268.3 million manats ($3 billion 99 million), budget expenditures – 3,205.4 million manats ($1 billion 885.5 million),  the SOFAZ press service reported.

Azerbaijani Energy Minister Parviz Shahbazov, at a meeting in New York with Mary Bers Warlick, Deputy Executive Director of the International Energy Agency (IEA), discussed the draft "Energy Efficiency Roadmap for Azerbaijan" prepared by this Agency within the framework of the “EU4Energy” program, the press service of the Ministry of Energy of the Republic of Azerbaijan.

The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), as of April 1, 2024, reached $57 billion 373 million, the SOFAZ press service. "In the first quarter of 2024, assets increased by 2.3 percent, or by $1 billion 303 million," the Oil Fund reported.

Within the framework of the global initiative to reduce methane emissions, field trips were organized for representatives of a group of local oil and gas operators to NGDU "Neft Dashlary" (Oil Rocks), Sangachal terminal in order to share best practices in the field of emission reduction.