The transit of international freight corridor TRACECA in Azerbaijan has decreased due to the fall in traffic of Central Asian crude oil. In January-May, the volume of transit cargo decreased by 32.9%.
According to the State Statistics Committee, the first five months of this year on the territory of Azerbaijan there were transported 2 million 890 thousand tons of transit goods. Water transport transit (1 452.4 thousand tons) declined by almost half. Transportation of transit cargo by rail (1 437.6 thousand tons) decreased by 4.9%.
Azerbaijan continues to build an international trade port in the Alat settlement to increase the dry cargo transit. In 2017 commissioning of the railway line Baku-Tbilisi-Kars is expected. In parallel to the end of the year it is planned to complete construction of the Azerbaijan section of the Baku-Astara-Astara-Rasht-Gezvin (Iran) international transport corridor North-South. -08D-
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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