In June 2015 oil extraction in Saudi Arabia totaled 10,564,000 barrels a day against 10.3 million barrels in May, according to the Joint Organizations Data Initiative (JODI).
Oil consumption by Saudi Arabia’s oil refinery decreased to 2.1 million barrels from the record 2.4 million barrels in May.
Accroding to Er Riyad, this is a historical maximum exceeding the previous record, which was established in 1980. According to Bloomberg agency, in June 2015 12 OPEC member-states increased total production up to the seven year maximum of 32.5 million barrel, while quota of OPEC that month was fixed at 30 million barrels, reported http://www.oilcapital.ru.--0--
Economics
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The Ministry of Energy of Azerbaijan has begun preparations for the upcoming 11th meeting of the Southern Gas Corridor (SGC) Advisory Council and the third ministerial meeting of the Green Energy Council in Baku.
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The Cabinet of Ministers of Azerbaijan has approved a detailed list of services to be provided by the country’s Export and Investment Promotion Agency (AZPROMO), aiming to enhance support for exporters and investors in 2025. The decision was formalized under Resolution No. 11, issued on January 22, 2025.
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Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), met with Anna Bordon, head of the International Monetary Fund (IMF) mission for Azerbaijan, the Middle East, and Central Asia, on January 23 to discuss the country’s key economic priorities. The meeting emphasized a shared commitment to addressing macroeconomic challenges, implementing sound monetary policy reforms, and ensuring financial sector stability in the medium term.
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In the first three quarters of 2024, Azerbaijan imported $3.77 million worth of ketchup and tomato-based products, amounting to 2,442.5 tonnes. These imports, sourced from countries such as Russia, Kazakhstan, Germany, Turkey, Vietnam, and even Oman, highlight an interesting paradox for the country: while Azerbaijan is a leading exporter of fresh tomatoes, it imports a significant amount of processed tomato products at much higher prices.
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