THE EFFECT OF OIL SECTOR AND OIL COMPANIES ON AZERBAIJAN ECONOMY

Abstract

Azerbaijan's oil strategy, diversification of the country's foreign trade positions and the conditions for the development of the country's geoeconomic impact. Currently, Azerbaijan is cooperating with 165 countries around the world. Azerbaijan, Turkey and neighboring countries play an important role in oil and natural gas supply from Georgia. Azerbaijan is currently working on projects that will ensure the energy security of Europe. The discovery of the giant gas potential in the Shah Deniz area contributed to our country's oil and gas strategy and led to a new direction in strengthening economic security. The oil and gas factor has already become a key tool for the development of the economy. In this respect, the issue we have chosen is a current one. The main purpose of the study is to examine the oil sector of the Republic of Azerbaijan and to reveal the effect of oil companies on the economy.