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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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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