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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Azerbaijan has dispatched its first rail cargo shipment from Baku to China, marking a significant milestone in its ambitions to become a critical hub along the Middle Corridor. The Azerbaijan Railways (ADY) confirmed on Sunday that the inaugural "Baku-Xi'an" export block train, comprising 62 40-foot containers, has begun its journey.
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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