By 2018 the global demand in oil of the Organization of Petroleum Exporting Countries (OPEC) will decrease by 1 million barrels a day, because of growth of deliveries from Canada and US, reads the OPEC report.
“In the coming five years the additional volume of oil deliveries from Canada and US will reach 4.9 million barrels a day. This is twice higher, than the showing forecasted last year – the growth of deliveries by 1.7 million barrels a day by 2018,” reads the report.
Owing to application of the hydraulic seam fracture and other technological innovations, which have caused revolution in the industry, it is possible to extract oil from the hard to reach formations. This year shale oil production in US and Canada will increase by almost one third – up to 3.3 million barrels a day.
OPEC keeps insisting that success of the shale revolution in the US will, possibly, not play such an important role in the long term, because the world demand in oil will grow as well. OPEC claims that success of the energy companies’ in use of shale oil could hardly be repeated outside of North America and high rate of depletion will lead to production decline since 2018.—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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