Key Market Indicators
Demand for Azerbaijani crude oil is set to rise in 2022, with an increase of 551 thousand metric tons compared to the 534 thousand metric tons seen in 2021. This is a rise of around 195%, compared to the same period the year before. Since 2007, demand has risen by 0.7% year on year. Azerbaijani crude oil production is estimated to reach 40,430 thousand tonnes of oil equivalent by 2026. This is an increase of 0.5% per year since 1995. In 2021, Azerbaijan ranked 21st in global production, with Colombia overtaking in the same year at 38,650 thousand tonnes of oil equivalent. The top three producers were Saudi Arabia, the United States and Iraq, respectively.
