ECONOMY

The Central Bank of Azerbaijan has announced today’s currency exchange rates. According to “Elchi”, on March 12, the exchange rate of the US dollar remained unchanged at 1.7000 manats. Meanwhile, the Turkish lira fell to 0.0385 manats, Russia’s 100 rubles to 2.1452 manats, and the Euro to 1.9607 manats.

The participating countries of the International Energy Agency (IEA) have agreed to release 400 million barrels of oil from their strategic reserves to the global market to reduce price volatility against the backdrop of the conflict in the Middle East. This was reported by “Elchi”, citing the agency. The decision was adopted at an extraordinary […]

In January-February 2026, approximately 34.8 million manats in tax revenue was collected into the budget through the Nakhchivan State Tax Service, which is 3.9% or 1.3 million manats more compared to the same period last year. This was reported to “Elchi” by the State Tax Service. It was reported that revenues from the non-state sector […]

The price of Azerbaijani “Azeri Light” (CIF) crude oil has decreased in world markets. “Elchi” reports that the price of Azerbaijani oil per barrel decreased by 12.69 US dollars or 12.3% to 90.34 US dollars. It should be noted that the previous price of Azerbaijani oil was 103.03 US dollars. It should be recalled that […]

The U.S. Energy Information Administration (EIA) under the Department of Energy has announced its forecast for global daily demand for liquid hydrocarbons for 2026-2027. “Elchi”, citing EIA’s monthly report, announced that in 2027, global daily demand for liquid hydrocarbons will average 106.61 million barrels (previous forecast – 106.07 million barrels), which is 1.44 million barrels […]

The Central Bank of Azerbaijan has announced today’s currency exchange rates. According to “Elchi”, on March 11, the exchange rate of the US dollar remained unchanged at 1.7000 manats, and the Turkish lira was 0.0386 manats. In turn, 100 Russian rubles depreciated to 2.1527 manats, while the Euro appreciated to 1.9777 manats.

More than 6.7 million manats of VAT paid for residential and non-residential areas in Azerbaijan has been returned to citizens. This was reported to “Elchi” by the State Tax Service. According to the information, the amount of VAT paid during the non-cash purchase of residential and non-residential areas, returned by authorized banks during January-February 2026, […]

In the initial stage, seabed research is commencing in the “Goshadash” area for the purpose of preparing for 3D OBN (Ocean Bottom Node) seismic field operations. According to information provided by SOCAR to “Elchi”, the preliminary conduct of this research will ensure the optimal placement of nodes and the efficiency of planned operations during future […]

The conflict around Iran could create additional export and budget revenues for Azerbaijan amid rising energy prices. “Elchi” reports that this was stated by the international rating agency “Fitch Ratings”. According to the agency’s assessment, for hydrocarbon exporters located outside the Gulf region – Azerbaijan, Angola, Argentina, Brazil, Colombia, Ecuador, Gabon, Kazakhstan, Nigeria, and Congo […]

The price of Azerbaijani “Azeri Light” (CIF) crude oil has increased in world markets. “Elchi” reports that the price of 1 barrel of Azerbaijani oil increased by 8.41 US dollars or 8.9%, reaching 103.03 US dollars. It should be noted that the previous price of Azerbaijani oil was 94.62 US dollars. It is worth recalling […]