The September futures for Brent crude oil fell to its lowest level since January 2015 - $ 48.90 per barrel.
The prices for "black gold" fell on forecasts of analysts of Goldman Sachs that the offer will exceed demand in 2015 by 2 million barrels per day, and spare capacity for fuel storage will be filled by the fall.
Currently we are seeing oversupply and low demand, analysts said, expecting further price reductions.
Brent, likely will return to its lowest level in 2015 of about $ 45 per barrel, given the abundance of oil in the market, experts say.
Against this background, the Azerbaijani Azeri Light crude oil is being traded around $ 50. -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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