Oil Continues to Fall in Price
On August 21 the price of Brent crude oil continued to decline. In the morning the cost of Brent dropped to $ 46 per barrel. If Friday's trading is closed in the red, it will be the eighth consecutive weekly decline in oil prices. The last time this happened in early 1986.
Oil is getting cheaper against the backdrop of negative statistics from China, where industrial production is reduced.
In addition, the prices are pulled down by the glut in the market. Thus, oil production in the US increases (9% higher than a year ago).
The pace of production in Saudi Arabia also increases. According to some estimates, the current level of production is 11 million barrels per day, which is a historical record. -02D-
Economics
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Azerbaijan’s Minister of Economy, Mikayil Jabbarov, participated in the "Circle of Leaders: Financing the Energy Transition - New Horizons" session during the World Economic Forum (WEF) in Davos, emphasizing the country’s strategic role in global energy security and its green energy transition initiatives.
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Around 200 employees of SOCAR, Azerbaijan's state oil company, staged a strike in Batumi, Georgia, on January 21,demanding wage increases, local outlet Batumelebi reported. Participants included technicians and staff from various departments who argued that their long-standing minimal salaries fail to reflect their workload.
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On January 21, during a meeting in Davos, Azerbaijani President Ilham Aliyev met with Henrik Poulsen, Chairman of the Supervisory Board of Carlsberg Group, and Jacob Aarup-Andersen, the company's CEO. The discussions emphasized Carlsberg Group's expanding presence in Azerbaijan and its commitment to developing local production and sustainability.
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In 2024, Azerbaijan's "Single Window" Export Support Center processed 1,747 requests from businesses and individuals, facilitating the issuance of 3,982 export certificates. According to Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communications, these efforts supported export operations valued at USD 288.2 million.
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