The International Energy Agency (IEA) in its last report forecasted a relative growth of Iranian crude oil export next year after signing of the agreement on the Iranian nuclear program in Geneva.
According to the IEA forecasts, next year demand in crude oil at the world market will be higher, than it was thought and considering the current problems with energy carriers production, this could lead to growth of oil prices.
According to the IEA estimates, in November 2013 Iranian oil and gas condensate export increased by 89,000 barrels and reached 850,000 barrels a day. This is connected with growth of export to China and resumption of export to Taiwan. Oil production in Iran increased by 13,000 barrels and reached 2,710,000 barrels a day.
The Geneva agreement cancels ban on insurance of Iranian oil exported by the international companies and therefore, one of the main obstacles hindering Iranian energy carriers’ export to the foreign consumers will be lifted. But this does not mean that the similar volume of Iranian oil export will be resumed. The limitation of Iranian oil deliveries to the Asian countries and the European Union’s sanctions against Iran remain in force and this will not allow Iran significantly increasing its oil export, reported Iran.ru.—0—
Economics
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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