Energy sector in Azerbaijan
A major oil and gas producer, Azerbaijan has the highest dependence on fuel exports within the Commonwealth of Independent States (CIS). In 2023, more than 91 percent
In 2023, more than 91 percent of the nation's total merchandise export revenue came from the sale of petroleum products. The largest national company in the sector is the State Oil Company of the Republic of Azerbaijan (SOCAR), which accounts for roughly a quarter of the country's oil production. Log in or register to access full data.
Azerbaijan is a net energy exporter; crude oil and natural gas production and exports are central to Azerbaijan's economy and government revenues. Natural gas accounts for over two-thirds of Azerbaijan's total domestic energy consumption. Oil supplies less than one-third of total energy consumption (Figure 1).1
Total energy supply (TES) includes all the energy produced in or imported to a country, minus that which is exported or stored. It represents all the energy required to supply end users in the country.
The leading decliner among Azerbaijan's top 10 export categories was mineral fuels including oil, thanks to its -24.7% year-over-year drop. At the more granular four-digit Harmonized Tariff System code level, crude oil represents Azerbaijan's most valuable exported product at 54.4% of the country's total global sales.
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