Minister: Azerbaijani economy's dependence on oil and gas sector down significantly

In recent years, a significant reduction in the Azerbaijani economy's dependence on the oil and gas sector has been observed, Economy Minister Mikayil Jabbarov said at today's plenary session of the Parliament.

According to Jabbarov, oil production peaked in 2010 (50.8 million tons): "Oil production in the country was 42.1 million tons in 2014, 38.8 million tons in 2018, and 31.6 million tons in 2021. This year, the projected volume of oil production is 29.2 million tons. The average price of Brent crude oil is expected to be around $80 per barrel in the current. For comparison, in 2014, the average oil price was $99 per barrel."

The minister added that in 2014 the share of the oil and gas sector in the state budget was $15.5 billion or 66% of budget revenues, in the revised budget for 2024, oil and gas revenues amounted to $10.5 billion, with their share in budget revenues dropping to 49%: "This result reflects the work done towards diversifying the country's economy."