The Russian-Ukrainian war has cost Azerbaijan 1 billion

In connection with the results of the first quarter of 2022 of the State Customs Committee (SCC) reportina according to, the country’s oil exports amounted to 5 million 887 thousand 523.51 tons. This is 16.5% less compared to the same period last year.

As for the total value of exported oil, this figure is 3 billion 680 million 31.85 min dollars formed. In the first quarter of this year, oil revenues increased by 38.1%.

DGK reports that, 2022 JanuaryThe share of oil in the total export structure in March was 46.11% (64.4% in the first quarter of 2021). The average price of Azerbaijan’s export oil in the first quarter was at the declared prices according to83.3 dollars/ barrel.

Report 17 countries became buyers of Azerbaijani oil Among them, Italy remains the main buyer, accounting for 40.4% of all exports of “black gold” in the first quarter of 2022. In the top three, along with Italy, Portugal and There is also Israel. Ukraine 2022 Januaryfell from third to fourth place in March.

Report oil economy of the country duringgas dependence on the sector has also increased. In the first three months of 2022, 90.89% of Azerbaijan’s total exports were oil.gas fell to the share of the sector. In other words, whatever the country gains through trade 10$ 91 out of $ 0gas formed at the expense of the sector. The same figure was 88 last year. During the year, 52 percent of revenues from the oil and gas sector came from the sale of oil and 48 percent from natural gas.

Another noteworthy aspect of oil and gas exports was that in March of this year, Azerbaijan’s revenues from natural gas sales exceeded its revenues from oil sales. Last month, Azerbaijan received $ 978 million from natural gas sales dollars, earned $ 736 million from oil sales. In the first quarter, exports of the non-oil sector accounted for 9% of total exports – $ 727 million. 17.18 percent of non-oil sector exports are fruits and vegetables, 15.80 percent are plastics and products made from it, 13.37 percent products of chemical industry, 10 percent cotton fiber and 9.56 percent aluminum and Its products accounted for the share of exports.

The head of the Oil Research Center, Ilham Shaban, said that, Despite a 5.3% decline in Azerbaijan’s liquid hydrocarbon production during the quarter, the Oil Fund’s oil and profit from gas sales this year January-1 billion in March 264 mln. dollars increased. According to him according toAs of March 31, 2022 according to Assets of the State Oil Fund at the beginning of 2022 (45 billion $ 025.1 million), an increase of only 0.53% over 45 billion It amounted to $ 264.0 million.

But if oil and gas profits have increased so much, why have the Oil Fund’s assets shown so little growth?

The expert notes that, The reason for this is Russia’s visit to Ukraine snowDepending on the consequences of the war he started: “It simply came to our notice then that, 45% of the projected annual oil and gas sales were achieved. During the quarter, the state’s oil and gas profit in the Fund amounted to 2.262 billion. dollars. Also Russia–Ukraine The negative effects of the war on the global market amounted to about $ 1 billion in the investment portfolio of the State Oil Fund during the quarter. caused loss of $.

The economist recalls that, The Oil Fund has 108 tons of gold in its assets: “70% of assets are held in US dollars, and the share of assets in euros 20fell below 4%, and 4.8% of assets are in pounds sterling “.

Turqut