The estimated assets of Azerbaijan’s State Oil Fund (SOFAZ) dropped by $1.45 billion in September 2026, driven by falling gold prices and broad losses across international financial markets.
The decline in SOFAZ assets followed a downturn in global markets that weighed on the value of the fund’s investment portfolio. The figures are based on calculations drawn from data on Azerbaijan’s strategic currency reserves published by the State Statistics Committee of Azerbaijan.
The drop is attributed mainly to falling gold prices. A broader slide across international financial markets during the month also contributed to the decline in the fund’s portfolio value, according to the data.
