Brent oil price dropped to its minimum since March 2009
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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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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