Oil and gas sector makes 30% of Azerbaijan's economy

The share of the oil and gas sector in Azerbaijan's revenues currently stands at 30%, Finance Minister Samir Sharifov said during a discussion of amendments to the law "On 2024 state budget execution" at a meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship.

"Oil and gas production is declining, and as a result, we predict that in the medium term the share of the oil and gas sector in the economy will shrink to 22-25%," the minister said.