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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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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