In quarter 3, 2013 four countries of the Persian Gulf – Qatar, Kuwait, United Arab Emirates and Saudi Arabia – increased daily oil production up to 16.4 million barrels – a record-breaking index, wrote London-based Financial Times newspaper.
Thus, from July to September, 2013 the Arabic countries have made $150 billion on oil export. In September 2013 18% of demand in oil fell to their share. The growth of index allowed four countries of the Persian Gulf increasing oil deliveries to the rapidly developing Asian market. Export to India and China has significantly increased.
Therefore, Kuwait, Qatar, UAE and Saudi Arabia respond to the US challenge, which is going to put efficient technology of shale oil and gas production into commercial operation, reads the newspaper.
“Despite the shale revolution, Near East will remain the centre of the world oil industry for a certain period,” said Fatikh Birol, senior economic of the International Energy Agency (IEA), reported http://www.itar-tass.com.--0--
Economics
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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Turkey aims to achieve carbon neutrality by 2053, transforming key sectors of its economy in line with a vision of "net-zero emissions and green development," President Recep Tayyip Erdogan announced at COP29 in Baku on Monday.
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