He noted that the oil and gas sector plays a leading role in Azerbaijani economy, and the volume of oil produced in the country and the price of this commodity are important in terms of GDP and income generation.
“In recent years, the share of the oil and gas sector in budget revenues and exports remains high. In 2020, the oil and gas sector accounted for 29.9 per cent of GDP, 56.7 per cent of state budget revenues and 86.5 per cent of exports. In this sense, the achievement of stability in oil prices within the framework of the DoC over the past period has been important for strengthening macroeconomic sustainability in Azerbaijan. In this context, our activities have played an important role in the socio-economic development of Azerbaijan, improving the welfare of the population,” Shahbazov added.
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