Azerbaijan's H1 oil and gas exports fall in value despite volume gains

Azerbaijan exported oil, gas and related products worth a combined $10.8bn in the first half of 2026, according to State Customs Committee data.

Crude oil, classified as bituminous mineral oils, remained the largest export item at $6.2bn for 10.1mn tonnes, accounting for 38.2% of total exports. Volumes fell 15.9% year on year and value dropped 2.8%, reflecting lower average prices.

Natural gas exports totalled 12.4 bcm worth $4.1bn, making up 25.1% of total exports. Gas volumes rose 0.5% y/y, but value fell 9.6% on weaker prices.

Refined oil products totalled 486,643.6 tonnes worth $385.9mn, up 70% by volume and 170% by value y/y. Their share of total exports was 2.36%.

Petroleum coke exports reached 116,551.2 tonnes worth $46.4mn, up 17.9% by volume and 49% by value y/y, making up 0.3% of total exports.

Azerbaijan's total foreign trade turnover stood at $24.7bn in the six months, up 1.1% y/y. Exports reached $16.3bn and imports $8.3bn. Exports rose 26.7% y/y while imports fell 27.6%, leaving a trade surplus of $8.0bn, up 490% y/y.

SOCAR's Heydar Aliyev oil refinery, the only refining facility in the region, supplies Azerbaijan's domestic market with Ai-92 petrol, diesel and jet fuel and feeds SOCAR's petrochemical plants with feedstock, with part of its output exported. Modernisation work under way at the refinery is aimed at increasing capacity, meeting Euro-5 fuel standards, securing feedstock supply for Azerikimya and raising the export potential of refined products.