Azerbaijan

Azerbaijan remains largely insulated from the direct impacts of the Iran conflict, benefiting significantly from its status as an oil and gas producer. With zero oil import dependency and no exposure to the Strait of Hormuz, the nation is experiencing stable conditions, reflected in its low gasoline prices of $0.62/L and robust 365 days of fuel reserves. High global crude prices are a net positive for Azerbaijan's economy, offsetting a modest 15% increase in fertilizer costs. The outlook for Azerbaijan in the coming weeks is stable, with continued economic benefit from elevated energy prices expected.