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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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