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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The Central Bank of Azerbaijan (CBA) has approved the "Green Taxonomy," according to a decision by its Board of Directors on November 13.
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Azerbaijan's state oil and gas company, SOCAR, has signed a joint development agreement with Bulgaria’s "Asarel Energy," part of the Asarel Medet holding group. The agreement was signed on November 13 during the COP29 summit in the presence of the Presidents of Azerbaijan and Bulgaria, Ilham Aliyev and Rumen Radev.
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Saudi Electricity CEO Khalid Al-Hamidi and Baba Rzayev, Chairman of Azerbaijan's state-owned energy company Azerenergy, signed a memorandum of understanding (MoU) on Wednesday during the COP29 summit in Baku. The agreement, inked after a high-level meeting between Azerbaijan's Minister of Energy and his Saudi counterpart in the event’s Blue Zone, aims to enhance cooperation on integrating renewable energy into Azerbaijan’s power grid.
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The CEO of ICGB, the operator of the Greece-Bulgaria Interconnector (IGB), Theodor Georgieva, underscored the critical role of Azerbaijan and other gas suppliers to the European Union in the event of a potential cessation of Russian gas deliveries through Ukraine, speaking to journalists on the sidelines of COP29 in Baku.
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