The traditional Iran’s oil buyers – China and South Korea – have reduced oil import from this OPEC member-states, reported Financial Times.
“Last month Iran’s oil export dropped to 715,000 barrels a day. This is the lowest index since the US oil and banking sanctions were applied against Iran in January 2012,” the newspaper quoted the International Energy Agency (IEA).
“China, which is the world biggest importer of Iranian oil, reduced the purchase by 47% in October to 251,000 barrels a day. The export decline has led to reduction of oil production in Iran to 2.58 million barrels a day, which is equal to the level of 1989,” reported http://itar-tass.com.--0-
Economics
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
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