The price of Brent crude oil on Monday fell below $ 50 a barrel. Such values of the oil are observed for the first time since January.
The cost of the September Brent crude oil futures on the London ICE Futures Exchange fell to $ 49.95. That is, in one day the price of oil fell by more than $ 2.5.
In parallel the price of WTI crude oil decreases on the New York Mercantile Exchange. Losing almost $ 2 a day, oil futures for September delivery were traded at $ 45.39 a barrel.
The fall in prices is due to oversupply in the world market, as well as information about the slowdown in China's economy.
The fall in prices is a blow on the Russian currency, which depreciates against the dollar and the euro.
The Azerbaijani manat is also weakening, but not so much. The price of oil Azeri-Light is around $ 51. -02D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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