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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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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