OPEC member-states Oil Ministers have agreed to preserve oil production rate at 30 million barrels a day and leave Abdulla Salem El-Badri on the position of General Secretary OPEC til the end of next year, Rafael Ramires, Oil Minister of Venezuela, told journalists yesterday after the OPEC session.
The next OPEC session is scheduled for June 2014, Ramires said.
He also said that OPEC member-states will be forced to change oil production rate, if Iran’s oil returns to the world market after lifting of the international sanctions against the country.
“When Iran restores export volume after the sanctions, we will have to change the production rate,” Ramires said.—0—
Economics
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Representatives of Azerbaijani and Latvian business circles convened in Baku for the "Azerbaijan-Latvia Information and Networking Meeting," marking a significant step in bolstering economic cooperation between the two countries. Latvian Ambassador to Azerbaijan, Edgars Skuja, underscored the event’s mission to connect entrepreneurs from both nations, aiming to enhance collaboration across multiple sectors.
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The President of Azerbaijan approved the amendments on November 7, which were made to the “Law of the Republic of Azerbaijan on Credit Bureaus” by the Milli Majlis. The text of the amended law was published on November 28.
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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, urging the country to take bold steps to improve economic governance and foster private sector development. The report outlines key priorities for Azerbaijan’s economic trajectory and highlights challenges stemming from its reliance on volatile energy markets.
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In its latest Transition Report covering 2024–2025, the European Bank for Reconstruction and Development (EBRD) highly praised Azerbaijan's efforts in digital transformation and cybersecurity. The Bank noted that investments in digital networks have led to significant infrastructure improvements, including a one-third increase in internet speed over the past year.
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