In October 2013 Iran"s oil export dropped to 715,000 barrels a day
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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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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