AEconomyIndependent states
Baku oil
One of the world's oldest oil regions: a well drilled at Bibi-Heybat in 1846 and half of world output at the start of the 20th century.
Oil on Absheron has been known since antiquity — scooped by hand from pits and used for lighting and healing. A well drilled at Bibi-Heybat in 1846 is counted among the world's first industrially drilled oil wells.
In the late 19th century the Nobel brothers, the Rothschilds and local industrialists invested heavily in Baku, and the world's first oil tanker sailed the Caspian. In 1901 Baku produced more than half of the world's oil.
In the Second World War Baku oil was the main fuel source for the front. Today oil and gas are the backbone of the economy and exports, and 20 September is celebrated as Oil Workers' Day.
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Updated: October 1, 2026