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"There is a myth in Azerbaijan concerning the significance of energy recourses of the country directed to the energy security of Europe. In fact, Azerbaijan provides no more than 3% of the oil and gas demand of Europe. It's time we come out of illusions about the capacity of the European market," PhD in economic studies, former president of the State Oil Company of Azerbaijan (SOCAR), Sabit Bagirov stated.

According to "Novosti.az," the expert has noted that other energy producers, for example, resurgent Iraq may take Azerbaijan's position in Europe.

Bagirov pointed out to the differences in the figures on the gas resources of Azerbaijan. According to the official figures, the mineral resources of the country contain 2.5 trillion cubic meters of gas, while the experts of the British Petroleum company note that Azerbaijan can produce only 0.9 trillion cubic meters of natural gas.

Bagirov also noted about the lack of transparency in the state budget of Azerbaijan, which also makes the correct economic forecast and economic management of the country difficult.

The expert gave speech at an event attended by the representatives of Azerbaijani civil society; the roundtable on topic "Azerbaijan on a crossroads: The Eastern Partnership or Customs Union" was organized by the National Platform of the Civil Society Forum according to the "Eastern Partnership" program.

Oil volume in Azerbaijan has started to decline since 2011. While around 50,8 million tons of oil was pumped in 2010, the volume was reduced to 10.8% and 45,4 million tons in 2011. The volume of oil production declined to 5,3% and 43 million tons in 2012. Another 2,2% decrease was recorded during the five months of 2013. Another 1.6% reduction was recorded during the six months of 2013.

By a decline in oil production the dependence of the economy and budget of Azerbaijan on the oil sector is growing. Thus, the transfer share of the State Oil Fund of Azerbaijan in the countries state budget revenues is growing since 2007, when the transfer of SOFAR was less than 9% of budget revenues, and in 2013 it is planned that the transfer will make 59.3% of the revenues of the state budget. Overall, in 2013, Azerbaijan's state budget revenues from the oil sector will make over 79% of total revenues.