The Druzhba (Friendship) oil pipeline system is one of the largest and longest oil pipeline networks in the world. Constructed in the early 1960s during the Soviet era, it was designed to integrate the energy systems of Eastern Bloc countries and ensure a stable supply of crude oil to industrial centres across Europe.

Goldman Sachs has warned that global markets remain vulnerable to a near term stagflationary shock, as rising oil prices and ongoing Middle East tensions continue to weigh on investor sentiment.

Azerbaijan continues to advance its efforts to diversify the national economy, and the positive impact of these initiatives on overall economic growth will become more evident over time, said Minister of Economy Mikayil Jabbarov.

Azerbaijan and the Asian Development Bank (ADB) have discussed enhancing cooperation in key areas including economic diversification, private sector development, and green growth.

Since the 2010s, Azerbaijan has significantly strengthened its position on the international stage, emerging as a notable player due to its stable economic growth. The oil and gas sector has remained the primary driver of this progress, continuing to serve as the backbone of the economy. However, despite its external economic reliance on energy resources, Azerbaijan has made substantial strides in diversifying its economy. This has led to notable advancements in agriculture, trade, and tourism, despite ongoing challenges in regional development.

Azerbaijani Foreign Minister Jeyhun Bayramov highlighted the critical role in Europe’s energy diversification at a conference in Belgrade.