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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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