Annual inflation in Azerbaijan in September was 5.2 percent, up from 4.8 percent in August this year.

World Bank said that about 250,000 people living along the Yenikend-Bilasuvar road would benefit from upgraded road infrastructure, as well as improved economic opportunities and easier access to essential service facilities.

Since late September, relations between Iran and Azerbaijan have deteriorated markedly.

The state budget's updated draft for 2022 projects revenues at 26.816 billion manats ($15.774 billion) and expenses - at 29.879 billion manats.

Development of the Azeri-Chirag-Guneshli (ACG) oilfields and giant Shah Deniz gas field are the main energy projects in Azerbaijan.

The Energy Ministry said that oil production would still be below 718,000 bpd produced in October 2018, when members of OPEC+ agreed to reduce oil production gradually.

SOFAZ sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue.