Azerbaijan is often referred to as "The Oil Capital of the World," and there is a good reason for that. In 1901 Baku was producing more than half of all the world's oil.
The petroleum industry in the country had faced many practical issues during the ages, the most recent of which was the delivery of the oil to the European markets. This problem was solved in 2006 when the Baku–Tbilisi–Ceyhan pipeline (the second-longest oil pipeline in the entire world) was built. It pumps an average of two million tons of Azerbaijani oil every year which makes it a huge contributor to the world's energy supply, and to Europe's particularly.
Azerbaijan's gas reserves are currently known to be about 2.5 trillion m³. The country plans numerous future developments and improvements in its gas industry and is predicted to continue being a leading supplier for years to come.