BAKU, Azerbaijan, October 20. The assets of the State Oil Fund of Azerbaijan (SOFAZ) amounted to $74 billion or 125.8 billion manat as of September 30, 2026.
This was reflected in SOFAZ's report on revenues and expenditures for January-September 2026.
According to the report, the fund's assets increased by $462 million (786 million manat) compared with the beginning of 2026. At the start of the year, SOFAZ's assets stood at $73.5 billion (125 billion manat).
During the reporting period, the fund's total revenues amounted to 12.34 billion manat ($7.26 billion). Of this amount, 8.74 billion manat ($5.14 billion) came from revenues related to oil and gas projects, while 3.6 billion manat ($2.1 billion) was generated from asset management.
The bulk of revenues from oil and gas projects came from the sale of profit oil and gas. Receipts from this source amounted to 7.3 billion manat ($4.3 billion). Bonus payments and transit revenues totaled 900,000 manat ($529,412), while acreage fees amounted to 4.9 million manat ($2.88 million). In addition, 1.39 billion manat ($818.2 million) was received from the sale of the state's stake in the Southern Gas Corridor CJSC.
According to SOFAZ, during the reporting period, 6.57 billion manat ($3.86 billion) was received from the Azeri-Chirag-Gunashli (ACG) field, while 565.1 million manat ($332.4 million) came from the sale of gas and condensate from the Shah Deniz field.
From January through September 2026, the fund's budget expenditures amounted to 9.68 billion manat ($5.69 billion). Of this amount, 9.6 billion manat ($5.66 billion) was transferred to the state budget.
At the same time, the fund allocated 27.7 million manat ($16.3 million) to finance ongoing state programs and projects. Of this amount, 3.6 million manat ($2.1 million) was allocated to the State program to increase the international competitiveness of Azerbaijan's higher education system for 2019-2023; 21.9 million manat ($12.9 million) to the State program on education of Azerbaijani youth at prestigious higher education institutions abroad for 2022-2028; and 2.2 million manat ($1.3 million) to international dual-degree programs.
During the reporting period, SOFAZ's management expenses amounted to 25.5 million manat ($15 million). In addition, changes in gold prices and foreign exchange rates resulted in an off-budget expense of 1.87 billion manat ($1.1 billion).
Situation in global financial markets
The fund’s report also addressed trends observed in global financial markets during the third quarter of 2026.
According to the report, geopolitical tensions, inflationary pressures, and expectations regarding monetary policy have impacted major asset classes, with high volatility persisting in the markets.
Positive returns were recorded in global equity markets during the quarter. Resilient economic growth, strong corporate financial results, and investments in artificial intelligence and related infrastructure supported the rise in equity markets.
At the same time, rising energy prices, persistent inflation, and expectations that interest rates would remain high drove up yields on government bonds in major developed economies. This, in turn, had a negative impact on the market value of these bonds. Concerns regarding sovereign debt and large volumes of bond issuance also exerted additional pressure on the yields of long-term bonds.
Significant price volatility was also observed in the gold market. In August, rising geopolitical uncertainty and investment demand supported an increase in the price of gold. In September, however, the price of gold declined against the backdrop of rising yields on U.S. government bonds and a strengthening dollar.
Despite these factors, global stock markets ended the third quarter with gains. Strong corporate fundamentals were a key factor supporting market resilience amidst a challenging macroeconomic environment.