The price of oil continues to fall from June 9. On June 15 London Commodity Exchange at the closing announced that August futures for 1 barrel of Brent crude oil reached 48.97 dollars. In comparison with the same period last year, it is cheaper at 1.76%.
Turan recalled that the previous day Brent crude oil was sold at the price of 50.02 dollars, and on June 13 - 50.22 dollars. During the last week the highest price for 1 barrel was registered on June 9 at 10:00 London time, being 52.86 dollars.
Currently in the trades on the London Mercantile Exchange at 11 pm Baku time, Brent crude oil was sold at the price of 48.43 dollars.
On the New York Mercantile Exchange crude oil costs around $ 48. -12D--
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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