The world cannot abandon fossil fuels in the foreseeable future and must pursue a balanced approach that combines energy security with investment in renewable energy, Azerbaijani President Ilham Aliyev said at the opening of the 31st Baku Energy Forum. Addressing participants in Baku, Aliyev stressed the need for a pragmatic and realistic energy policy that balances climate goals with energy security Click for more details.......
British energy major BP announced Tuesday it is on track to transfer operations of the strategic Baku-Tbilisi-Ceyhan (BTC) oil pipeline to Azerbaijan’s state oil company, SOCAR, effective July 1. The transition fulfills a long-standing contractual obligation, marking a major shift in the management of one of the region's most critical energy corridors. Click for more details.......
The price of 1 barrel of Azerbaijani oil of "Azeri Light" brand decreased by 2.9 US dollars. Modern.az reports that the price of 1 barrel of Azerbaijani oil of "Azeri Light" brand in the world market decreased by 2.9 US dollars or 2.77% to 101.68 US dollars. In this year's state budget of Azerbaijan, the average price of one barrel of oil was calculated from 65 US dollars. Click for more details.......
As the Iran conflict disrupts oil and gas supply from major Middle Eastern producers, causing a rise in global energy prices, Azerbaijan’s oil and natural gas dependent economy stands to benefit. Azerbaijan’s 2026 state budget is based on an assumed oil price of $65 per barrel, and the oil and gas sector is expected to generate about 43% of total budget revenue in 2026. Higher prices could significantly increase that figure if elevated levels persist for weeks or months. Click for more details.......
