Azerbaijan reduced oil and gas condensate production by 7.2 percent year-on-year to 11.559 million tonnes and increased natural gas output.

The rating actions followed the revision of the outlook on the sovereign rating of Azerbaijan to BB+/Stable.  SOCAR is fully owned by the state.

Azerbaijan’s government, on a declared, merciless war-path to root out high-level corruption, has detained officials from the country’s once-sacrosanct, all-mighty customs service.

Azerbaijan's oil exports fell while gas exports surged after the country started exporting commercial natural gas to Europe from its Shah Deniz II field.