Azerbaijan’s petroleum product output falls 18.4%, while export revenues grow

Azerbaijan’s production of petroleum products declined sharply in the first two months of 2026, even as export revenues rose significantly, official data shows.

According to the State Statistics Committee of Azerbaijan, the value of petroleum products produced in January–February totalled 824.5 million manats ( $485 million), marking an 18.4% decrease compared with the same period in 2025, Caliber.Az reports. 

Output fell across nearly all major fuel categories during the reporting period. Motor petrol production amounted to 233,600 tonnes, down 8.8% year-on-year, while kerosene output dropped 22.1% to 94,600 tonnes.

Gas oil (diesel fuel), the largest product by volume, declined 16.2% to 383,200 tonnes. Fuel oil production saw the steepest fall, plunging 70.4% to 9,800 tonnes. At the same time, lubricating oils fell 16.1% to 5,200 tonnes; liquefied gases decreased 27.4% to 31,300 tonnes; petroleum bitumen dropped 15.9% to 24,800 tonnes.

Petroleum coke was the only product to post growth, rising 9.8% year-on-year to 41,600 tonnes.

As of March 1, inventories stood at 70,800 tonnes of motor petrol, 33,200 tonnes of kerosene, and 183,400 tonnes of gas oil. Stocks of fuel oil totalled 900 tonnes, lubricating oils 1,100 tonnes, liquefied gases 2,500 tonnes, petroleum bitumen 20,200 tonnes and petroleum coke 35,900 tonnes.

Despite lower production volumes, export earnings increased.

Data from the State Customs Committee of Azerbaijan shows that Azerbaijan exported 103,614.61 tonnes of petroleum products in January–February, a 7.1% decrease compared with a year earlier.

However, the total value of exports rose 1.5 times year-on-year to $75.416 million, reflecting stronger prices and a shift in the export mix.

Petroleum product exports accounted for 2.06% of Azerbaijan’s total exports during the period, up from 1.04% in the same months of 2025.

Exports of petroleum coke increased significantly, reaching 45,804.92 tonnes — a 1.6-fold rise — with export revenues climbing 2.3 times to $18.675 million.

In contrast, petroleum bitumen exports fell sharply. Shipments dropped nearly threefold to 670.54 tonnes, while their value declined 2.8 times to $185,740.

By Sabina Mammadli