The Organization of Petroleum Exporting Countries (OPEC) has increased the forecast of world demand in oil in 2013 by 34,000 barrels a day up to 89.78 million barrels a day.
OPEC reported that in 2014 the forecast will be 90.78 million barrels a day (up 1.2% against this year).
In 2013 OPEC’s demand in oil expected to be 29.9 million barrels a day, down 500,000 barrels a day against 2012. In 2014 OPEC expects to have demand in oil at 29.6 million barrels a day.
The forecast of oil production in the non OPEC-members was increased by 35,000 barrels a day up to 54.1 million barrels a day, which envisages growth by 1.18 million barrels a day against 2012. In 2014 oil production outside of the cartel is expected to grow by additional 1.2 million barrels a day up to 55.3 million barrels a day.
In October the OPEC member-states extracted in average 29.89 million barrels a day, which is equal to September’s level. The production growth was registered in Iraq and Libya, which compensated the decline in Saudi Arabia.—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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