Oil revenues fall short of covering Azerbaijan’s sovereign wealth fund spending in 2024

In 2024, revenues from oil and gas contracts failed to fully cover the budget expenditures of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), Azernews reports, according to the country’s Chamber of Accounts.

The Chamber’s official opinion on the execution of SOFAZ's 2024 budget highlights a significant reliance on investment income and off-budget revenues to meet spending needs.

The income generated from oil and gas sales alone was insufficient to fund the Fund’s expenses.

The document notes that the positive fiscal balance achieved in executing the Fund's expenditures was primarily made possible by income from the management of assets, rather than direct hydrocarbon revenues.