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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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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