The price of oil in the world markets continues to fall. At the last auction the price of Brent crude fell to $ 46.92 a barrel. The price of US WTI crude oil fell to $ 41, so more and more analysts talk about the imminent fall in prices to $ 30 per barrel.
Cheap oil may be beneficial for consumers and businesses around the world, but at the same time it will be a challenge for all producers.
Given the status quo, there is a probability of 90% that prices will drop close to $ 30, according to analysts from Citigroup Inc.
Meanwhile, most analysts are inclined to believe that in the near future oil prices will reach the bottom and by the end of next year they will be once again restored to $ 70 per barrel. -02D-
Economics
-
BP, the operator of the Shah Deniz gas condensate field, announced on Sunday that production from the Shah Deniz Alpha platform resumed on the evening of January 18. This followed the complete resolution of a technical issue with the subsea condensate export pipeline between the Shah Deniz Alpha platform and the Sangachal terminal.
-
SOCAR President Rovshan Najaf met with the Minister of State for Petroleum of Pakistan, Musadik Malik, on January 18. According to SOCAR, the discussions covered joint energy projects, achieved outcomes, and cooperation opportunities in various areas, including the trade of petroleum products.
-
The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
-
Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
Leave a review