Azerbaijan’s State Oil Fund’s total revenues fell by 41 percent year-on-year to $982.7 million in the first quarter of 2021, the fund said in a statement.
The $40 billion fund, which manages the ex-Soviet country’s proceeds from oil and gas sales, energy contracts and transit fees, gave no reason for the decline.
Revenues from oil sales fell by 39 percent year-on-year to $953.5 million. Azerbaijan mainly sells oil from its major Azer-Chirag-Guneshshli oil offshore bloc in the Caspian Sea.
Revenues from gas sales in January-March were 3.4 times less than in the same period last year and totalled $29.2 million. Azerbaijan sells gas from Shah Deniz gas field.