Reuters: Azerbaijan Grips Asian Markets
Azerbaijan seeks to increase the supply of oil to the Asian markets, writes Reuters. So, Eikon data show that in October, Azerbaijan sent to China, Taiwan and India nearly 7 million barrels of oil - it is the highest since the beginning of the fixation of the index in January 2015.
The publication notes that consuers in Asia, which account for a third of global oil supplies, with excitement are watching the way the producers of OPEC - their biggest suppliers - openly discuss price support. Buyers say that in the context of availability of supplies from outside OPEC, they will consider new sources, if the organization ceases to offer a reasonable price.
Forbes noted that if OPEC agreed to reduce oil production, the Asian markets will begin to get oil from countries outside the cartel. The figures show that Azerbaijan has already started to actively capture the position in this part of the world. -0—
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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