In October 2013 oil production in OPEC member-states decreased by more than 100,000 barrels a day, according to IEA
In October 2013 daily oil production in the OPEC member-states decreased by more than 100,000 barrels – to 29.9 million barrels a day. October the third month in a row with the declining index, reported Dow Jones Newswires referring to the November report of the International Energy Agency (IEA).
The index has decreased, because of reduction of the oil production in Saudi Arabia. Iraq, Libya and Nigeria also had poor indexes. Last month Libya produced 450,000 barrels a day against 1 million barrels in July.
According to the IEA, oil export from Iran decreased by 45% in October to the minimum level since January 2012.
In October the world daily oil export increased by 600,000 barrels, owing to growth of production in the non-OPEC member-states.—0--
Economics
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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In its latest Transition Report covering 2024–2025, the European Bank for Reconstruction and Development (EBRD) highly praised Azerbaijan's efforts in digital transformation and cybersecurity. The Bank noted that investments in digital networks have led to significant infrastructure improvements, including a one-third increase in internet speed over the past year.
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