Sharp decline in Azerbaijani oil output in 2017

Sharp decline in Azerbaijani oil output in 2017 38.7 million tons of crude oil and 28.6 billion cubic meters of natural gas were produced in Azerbaijan in 2017, according to the State Oil Company of Azerbaijan Republic (SOCAR). The company produced 7.4 million tons of crude oil and 6.1 billion cubic meters of natural gas in the reporting period. According to the company’s report, SOCAR’s crude oil export for 2017 amounted to 20.7 million tons.... Read More

Oil Becomes More Expensive. Should We Be Happy about That?

Oil Becomes More Expensive. Should We Be Happy about That? The oil market started in 2018 with a successful “run” to new highs for 2.5 years: according to Bloomberg, last Thursday the price of Brent at the auctions in London exceeded $ 68 per barrel for the first time since May 2015. The American standard WTI went up by 3.9% – to 62.21 dollars per barrel, also having registered a peak since the summer of 2015. A new record was demonstrated... Read More

Changes to the Oil Fund’s Budget: the impact of increased revenues on government spending

Changes to the Oil Fund’s Budget: the impact of increased revenues on government spending Last week, on October 4 th , the budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2017 was changed. It should be noted that earlier on June 30 th , state budget revenues increased by 511 million manat, and expenditures by 1 billion 41 million manat, as amended by the law “On the State Budget of the Republic of Azerbaijan... Read More

Azerbaijani Oil Income in August 2017

Azerbaijani Oil Income in August 2017 The State Oil Company of Azerbaijan Republic (SOCAR) reports that the company exported 254,363 thousand tons of crude oil from the Russian port of Novorossiysk and 1,733 million tonnes of crude oil from the Turkish port of Ceyhan in August 2017. Azeri oil price slightly increased in August 2017 compared with the previous month since the price was below $ 50.0 US per barrel in July 2017 Meanwhile, the oil price... Read More

Azerbaijani Oil Fund: Fiscal Consolidation, Volatility and Oil Wealth

Azerbaijani Oil Fund: Fiscal Consolidation, Volatility and Oil Wealth The execution of the State Oil Fund of Azerbaijan’s (SOFAZ) 2016 budget has been approved. According to a Presidential decree, SOFAZ’s revenue was 9.410 billion manat ($5.881 billion USD) and expenditure was 9.022 billion manat ($5.638 billion USD). Initially, SOFAZ’s revenue for 2016 was forecasted as 4.6 billion manat, while expenditure was expected to be 10.7 billion... Read More

Azerbaijani Oil Income in February 2017

Azerbaijani Oil Income in February 2017 The State Oil Company of Azerbaijan Republic (SOCAR) reports that the company exported 79,841 thousand tons of crude oil from the Russian port of Novorossiysk, 349,272 thousand tons of crude oil from the Georgian port of Supsa and 1,323 million tonnes of crude oil from the Turkish port of Ceyhan in February 2017. According to the SOCAR’s report 159,777 thousand tons of crude oil were exported from the Russian... Read More

Azerbaijani Oil Income in October 2016

Azerbaijani Oil Income in October 2016 The State Oil Company of Azerbaijan Republic (SOCAR) reports that its oil export grew by 45.5% in October 2016 compared with previous month. The SOCAR reports that it exported 2.017 million tons of oil against 1.386 million tons in September, 1.53 million tons in August and 1.924 million tons in July (this year’s best indicator). At that, October’s oil export via Baku-Novorossiysk oil pipeline reached 80,192... Read More

Azerbaijani oil export declined by 7 %

Azerbaijani oil export declined by 7 % Azerbaijani oil export decreased by 6.86% in June 2016 compared with previous month. According to the State Oil Company of Azerbaijan Republic (SOCAR) reports total export was 1.676 million tons of oil in June against 1.799 million tons in May. Meanwhile, Azerbaijani oil export was 1.449 million tons in April, and 1.9 million tons in March 2016. At that, June’s oil export via Baku-Novorossiysk oil pipeline... Read More

Azerbaijani Oil Fund`s Confirmed 2015 Budget: Big Decline

Azerbaijani Oil Fund`s Confirmed 2015 Budget: Big Decline The assets of the State Oil Fund of Azerbaijan (SOFAZ) for 2015 decreased by 9.5% and as of 1 January 2016 reached $33.57 billion against $37.1 billion by 1 January 2015. The SOFAZ press release says that budget revenues for 2015 amounted to AZN 7.7 billion and expenditures AZN 9.187 billion. Download Full Article Here  Read More

Azerbaijani Oil Fund Budget for 2016: Brief Historical Review

Azerbaijani Oil Fund Budget for 2016: Brief Historical Review The draft budget for 2016 of State Oil Fund of Azerbaijan Republic (SOFAZ) has been discussed by the Supervisory Board of the fund. According to the SOFAZ, the fund’s 2016 budget revenues are forecasted as 6.7 billion manta and expenditures at 8.26 billion manat. SOFAZ reported that the Supervisory Board recommended the Fund’s 2016 draft budget, including the major directions of its... Read More

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