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 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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