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
-
As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
-
Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
-
As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
-
Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
Leave a review