Ian Taylor, head of Vitol world oil trading company, has urged to implement serious and urgent reforms to revise the components of the contract of Brent oil brand.
The statement has been made at the International Petroleum Week recently started in London. Every year the conference gathers together leading participants of the oil market.
Taylor, whose opinion is shared by many experts and participants of the oil market, believes that objective decline of production of the North Sea oil brands included into Brent, such as Brent, Forties, Oseberg and Ekofisk, makes it doubt as to adequacy of the brand as the world leading indicator at the oil market.
Jorje Montepeke, Director of the Market Study Department of Platts analytical agency, share this opinion as well. He believes that Brent and WTI oils have actually turned into brands, but they are a combination of several types of oil. Montepeke said that change of oil production volume and geography of deliveries will finally force to revise the market oil prices. He added that the issue of adding other types of oil into Brent composition has been urgent for a long time.—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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