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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Russia and Iran have agreed on a gas pipeline route passing through Azerbaijan, according to Russia’s Energy Minister Sergey Tsivilyov. The Russian minister stated that the parties are in the final stage of negotiations, and the volumes have already been determined. According to Tsivilyov, Iran’s agreement with Russia’s Gazprom for gas supply via Azerbaijan is currently estimated at over 2 billion cubic meters annually. However, future supplies could increase to 55 billion cubic meters per year.
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On January 20 during the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan engaged in a strategic dialogue with Nick Studer, CEO of Oliver Wyman Group.
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During the World Economic Forum's Annual Meeting in Davos, President Ilham Aliyev of Azerbaijan met with Jared Cohen, President of Global Affairs at The Goldman Sachs Group, Inc. The meeting underscored the ongoing collaboration between Goldman Sachs and Azerbaijan's financial institutions, notably the Central Bank of Azerbaijan and the State Oil Fund.
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At the World Economic Forum in Davos, Azerbaijan's Minister of Economy, Mikayil Jabbarov, participated in the session titled "Leaders’ Circle: Financing the Energy Transition – A New Horizon." Jabbarov emphasized discussions on existing opportunities and major challenges in achieving successful energy transformation, underscoring the critical importance of financing the energy transition.
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