Azerbaijan Oil Exports Reach 1.7 Billion Dollars in January-February 2026

Azerbaijan exported 3.6 million tons of crude oil and bituminous petroleum products worth $1.70 billion in January-February 2026, according to data released by the State Customs Committee, underscoring the country's continued prominence as a Caspian energy exporter even as it diversifies into renewable energy and downstream refining.

Natural gas exports over the same period totaled 4.38 billion cubic meters worth $1.28 billion, bringing Azerbaijan's combined hydrocarbon export revenue for the first two months of 2026 to approximately $2.98 billion. The country produced 8.18 billion cubic meters of natural gas in January-February, feeding both domestic consumption and expanding pipeline deliveries to European markets.

The figures reflect a stable production profile underpinned by the Azeri-Chirag-Gunashli (ACG) offshore complex, the country's flagship oil project operated by bp. Oil output at ACG is projected at 120.1 million barrels for 2026, with revenues from the field expected to reach $4.23 billion, according to government budget projections reported by Trend News Agency.

Production is projected at over 550,000 barrels per day in the first quarter of 2026, declining modestly to over 530,000 barrels per day in the second half of the year as natural field maturation continues. To support sustained output, bp announced in January that it is preparing to deploy the first Light Well Intervention Vessel in the Caspian Sea at the Deepwater Gunashli field.

The Shah Deniz gas field, Azerbaijan's largest natural gas asset, continues to supply the Southern Gas Corridor, which delivers Caspian gas to European markets through Turkey, Greece, and Italy. The recent expansion of the Trans Adriatic Pipeline has extended deliveries to Germany and Austria, broadening the customer base for Azerbaijani gas.

On the corporate front, SOCAR's pending acquisition of 99.82 percent of Italy's Gruppo API, estimated at approximately 2.5 billion euros, is expected to be completed in the first quarter of 2026. The deal would give Azerbaijan's state energy company a significant downstream refining and distribution presence in the European market, as noted by MENAFN.

Further Reading

SOCAR Signs Exploration Deal with Gran Tierra Energy for Onshore Block

SOCAR Completes Acquisition of Italy's Gruppo API