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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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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