During the entire last year price of Brent oil continued going down. At the London-based ICE Futures exchange price of October future of Brent dropped by more than 2.55% to $45.56 per barrel. This is a minimum price since March 2009, according to the data of the exchange.
However, during the auctions price of Brent oil dropped to $45.13. Last time this year Brent oil was close to this price on January 13, 2015. On that day Brent oil price went down to $45.19 per 1 barrel.
Last Friday at NYMEX WTI oil price went down to $39.97 per 1 barrel ($40.45 by closure of the exchange). WTI price broke through the $40.00 per barrel price first time since February 24, 2009, according to the exchange.-0—
Economics
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
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