Azerbaijan’s Aliyev Eyes Second Oil Boom, Criticizes Low EU Investment

President Ilham Aliyev stated that Azerbaijan could experience a "second significant oil boom" if ongoing exploration projects by international energy firms yield positive results. Speaking at the World Economic Forum, Aliyev noted that while gas production is rising, there are strategic plans to stabilize oil extraction.

The President expressed regret over the lack of substantial European investment in both fossil fuels and renewables, noting that partners from the UAE, Saudi Arabia, China, and the UK are leading the way.

Aliyev confirmed that in 2025, Azerbaijan exported over 25 billion cubic meters of gas, with nearly 13 billion going to Europe. He emphasized that while energy projects remain vital, the non-oil sector is the country's top priority, and green energy investments are a matter of environmental responsibility.