Dependence of Azerbaijan's economy on oil prices and on its export

The article is devoted to the analysis of the dependence of the Azerbaijani economy on oil prices and its exports. The driving force behind Azerbaijan's economy is the extraction of fossil fuels: oil products account for more than 90 percent of Azerbaijan's exports, and the oil and gas industry accounts for 33 percent to 50 percent of Azerbaijan's GDP, depending on oil prices. In order to understand how Azerbaijan's economy depends on oil exports and oil prices, and whether it depends at all, the paper presents the structure and dynamics of Azerbaijan's exports over the past 20 years, made a comparative analysis between the dynamics of oil prices and the dynamics of Azerbaijan's GDP, and also calculated correlation coefficient between the volume of Azerbaijan's GDP and the level of oil prices.