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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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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