Eurasia · AZE · OPEC+
Azerbaijan
BTC barrels and Shah Deniz gas. The Caspian exporter that never needed Hormuz.
Oil production
0.6 mb/d
0.1 mb/d demand
Net oil
+0.5 mb/d
Export surplus
Gas production
36 bcm
Net +23 bcm
O&G rent
24.0%
Fiscal breakeven $55
Oil balance
Production versus demand, 2025, million barrels per day.
Production0.6 mb/d
Consumption0.1 mb/d
Gas balance
Production versus demand, 2025, billion cubic metres.
Production36 bcm
Consumption13 bcm
Proven oil
7 bn bbl
Gas reserves
1.3 tcm
Refining
0.2 mb/d
LNG
No LNG
Hydrocarbon mix
Oil versus gas in this country’s oil-and-gas demand (oil-equivalent).
- Oil19%
- Gas81%
Economy
The budget is a pipeline. Southern Gas Corridor rents and a declining oil field are the twin stories.
- GDP
- $0.1 tn
- Population
- 10.2 m
- Oil intensity
- 0.5 bbl /$1k
- Oil & gas rent
- 24.0% GDP
- Hydrocarbon trade
- -16.0% GDP
- Fiscal breakeven
- $55 /bbl
- $30 oil shock
- +75.4 pp GDP
- Club
- OPEC+
Projected oil demand
Regional IEA WEO 2025 oil pathways applied to this country’s 2025 baseline. STEPS 2035 demand 0.1 mb/d (net +0.5) versus NZE 0.1 mb/d (net +0.2).
| Scenario | 2025 | 2030 | 2035 | 2050 |
|---|---|---|---|---|
| Stated Policies | 0.1 | 0.1 | 0.1 | 0.1 |
| Net Zero 2050 | 0.1 | 0.1 | 0.1 | 0.0 |
| Current Policies | 0.1 | 0.1 | 0.1 | 0.1 |