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Energy

Azerbaijan’s gas export revenue falls 4.8 percent in eight months on flat volumes

Azerbaijan earned $5.711 billion from 16.378 billion cubic metres of gas exports in January to August, 4.8 percent less than a year earlier on a volume 0.5 percent lower, according to State Statistics Committee data Trend published today. Georgia paid about a third of the average price. Iran was the only import supplier, where Russia and Turkmenistan had been a year earlier.

By CAW Staff27 October 2026
A two-bar chart comparing Azerbaijan's average gas export price of 349 dollars per thousand cubic metres with the 109 dollars Georgia paid in January to August 2026, the Georgia bar in amber.

Exports to Georgia were worth $178.4 million, up $9.0 million or 5.3 percent, with volume up 81.9 million cubic metres by the same 5.3 percent. Across all eight markets value fell by $286.0 million and volume by 75.1 million cubic metres. Trend’s report names Georgia alone among the eight buyers.

Georgia pays about $109 per thousand cubic metres against an average of $349 across all eight export markets, by CAW’s arithmetic from the committee’s figures. A year earlier the average was about $365, so the average price has come down by about 4 percent on an almost unchanged volume. Georgia’s own unit price did not move, since its value and volume rose by the same 5.3 percent, which places the fall in the seven markets the report does not name.

On the import side Azerbaijan bought 215.0 million cubic metres of gas in January to August, all of it from Iran, for $14.5 million, about $67 per thousand cubic metres by CAW’s arithmetic. In the same months of 2025 it had imported 233.3 million cubic metres from Russia and Turkmenistan for $36.3 million, about $156 per thousand. The import bill fell 60 percent and the volume 7.8 percent.

Georgia pays about $109 per thousand cubic metres against an average of $349 across all eight export markets, by CAW’s arithmetic from the committee’s figures.

Production was 33.407 billion cubic metres, 0.5 percent below the same months of 2025, and commercial gas, the volume left for sale after field use and reinjection, 25.610 billion, down 0.9 percent. Gas made up 26.18 percent of the country’s exports by value in the period, by Trend’s calculation on customs data.

Oil is quoted far above the budget’s assumption. Report.az, which publishes a daily quote for Azerbaijan’s crude, put Azeri Light at $127.6 a barrel on Tuesday morning on a delivered basis, up $1.01 or 0.8 percent on its previous quote of Saturday 24 October, and at $116.4 free on board at Ceyhan. The state budget for this year assumes an oil price of $65 a barrel.

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