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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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