Key Market Indicators
Demand for Azerbaijani crude oil rose 551,000 metric tons in January 2022, an increase of 194.7% compared to a year earlier. Since 2007, Azerbaijani demand has grown by an average of 0.7% annually. Meanwhile, Azerbaijani production is set to reach 40.4 million tonnes of oil equivalent by 2026, up 0.5% year-on-year on average. Since 1995, Azerbaijani supply has increased by 0.1% annually. In 2021, the country ranked 21st in the world, overtaken by Colombia at 38.6 million tonnes of oil equivalent. Saudi Arabia, the United States and Iraq respectively were numbers 2, 3 and 4 in the ranking.
