Azerbaijan’s oil and gas market prices fell below budget levels in 2024

In 2024, average global prices for Azeri Light crude oil and natural gas fell by 4.2% and 18.1%, respectively, according to the bill "On the Implementation of the State Budget for 2024," according to Report.

Oil and gas revenues for the year totaled 17.97 billion manats ($10.57 billion), representing a decrease of 187 million manats ($110 million), or approximately 1%, compared to 2023.

Revenue breakdown shows that 71.1% of the total—12.78 billion manats ($7.52 billion)—came from transfers by the State Oil Fund of Azerbaijan. Tax revenues accounted for 26.6%, totaling 4.78 billion manats ($2.81 billion), while dividend payments from the State Oil Company of Azerbaijan (SOCAR) contributed 2.3%, amounting to 407.9 million manats ($239.94 million).