ING: Rising oil prices bring Azerbaijan about $350M in additional export revenue

The rise in world oil prices and every additional dollar per barrel of "black" gold brings Azerbaijan about $350 million in export revenues per year, reads a review by the largest banking group in the Netherlands - ING Group, Report informs.

"Based on our estimates, each $1/bbl of oil prices translates into approximately $570 million in annualised fuel export revenues for Kazakhstan and $350 million for Azerbaijan," reads the message.

ING also points to a reduction in Azerbaijan's trade surplus: for the 12 months ending May 2025, it amounted to $2.7 billion against $5.5 billion in 2024 and $16.6 billion in 2023.

However, analysts believe that the decline could be offset by an increase in capital inflows.

"Moody’s recently followed Fitch in assigning the country an investment-grade rating of Baa3, maintaining a positive outlook and citing improved fiscal and external buffers. Additionally, further investor interest could be unlocked if the ongoing normalisation of relations with Armenia continues," ING added.

The group previously noted that every dollar change in the average annual oil price brings Azerbaijan about $300 million in export revenues and $150 million in budget revenues per year.