Crude is processed at the Baku Oil Refinery, which produces 15 different petroleum products, including gasoline, aviation kerosene, diesel fuel, naphta, petroleum coke, and others.

Fitch expects all these economies to grow in 2022, but has cut its forecasts by 0.2-4 percentage points, with the largest cuts for commodity importers.

The ADB projected the gross domestic product (GDP) growth in Central Asia and South Caucasus at 3.6 percent in 2022 and 4.0 percent next year.