In long term oil production by OPEC will increase by 7 million barrels a day and will reach 44 million barrels a day by 2035, reads BP Energy Outlook.
BP report reads that OPEC increases oil production, but tries to maintain its market share at about 40%.
According to BP forecasts, world demand in liquid hydrocarbons will increase by 20 million barrels a day up to 112 million barrels a day by 2035.
According to OPEC forecasts, during this period oil deliveries by the non-OPEC member-states will increase by 11 million barrels a day.
According to the International Energy Agency (IEA), in April 2016 world oil supplies increased by 250,000 barrels a day up to 96.2 million barrels a day.
According to IEA estimates, last month oil extraction by OPEC increased by 330,000 barrels a day up to 32.76 million barrels a day.—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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