Azerbaijan's oil and gas exports are declining in value

According to the State Customs Committee, Azerbaijan’s exports of oil, gas, and petroleum products reached a total value of 10.8 billion U.S. dollars in the first half of 2026.

Crude oil—classified in the statistics as bituminous mineral oils—remained the most important export item, with exports totaling 10.1 million metric tons worth 6.2 billion U.S. dollars. Crude oil thus accounted for 38.2% of total exports. The volume of exports fell by 15.9% compared to the same period last year, while the value of exports declined by 2.8%. This was due to lower average selling prices.

Natural gas exports totaled 12.4 billion cubic meters, valued at 4.1 billion U.S. dollars, and accounted for 25.1% of total exports. The export volume rose slightly by 0.5% year-over-year, but the export value decreased by 9.6% due to lower gas prices.

In contrast, exports of refined petroleum products saw a significant increase. They reached 486,644 metric tons, valued at $385.9 million. This represents a 70% increase in volume and a 170% increase in export value compared to the previous year. These products accounted for 2.36% of total exports.

Exports of petroleum coke also showed positive growth. They rose to 116,551 metric tons, valued at 46.4 million U.S. dollars. Compared to the previous year, this represents an increase of 17.9% in volume and 49% in value. Petroleum coke accounted for 0.3% of total exports.

Azerbaijan’s total foreign trade turnover for the first six months of the year amounted to 24.7 billion U.S. dollars, up 1.1% from the previous year. Exports reached 16.3 billion U.S. dollars, while imports declined to 8.3 billion U.S. dollars. According to the Customs Committee, exports rose by 26.7%, while imports fell by 27.6%. As a result, the trade surplus increased to $8.0 billion—a 490% increase compared to the same period last year.

The Heydar Aliyev Oil Refinery, owned by the state-run energy company SOCAR, is the country’s only refinery. It supplies the domestic market with gasoline, diesel, and kerosene, as well as raw materials to SOCAR’s petrochemical plants. A portion of its production is exported.

The ongoing modernization of the refinery is intended to increase processing capacity, transition production to the Euro 5 fuel standard, secure supplies for the petrochemical company Azerikimya, and further expand the export potential of refined petroleum products.