In the evening on 27 August at the international trading the price for Brent crude oil cost more than $47, thus, the price of oil rose for the day by $3, or 9%. The reason for this is a decline of the US reserves, and the strengthening the stock market of America. The oil price increased in the USA as well, where the price for oil Light Sweet rose by 10% to $42.
Experts point out that this is the most significant one-day rise in oil prices since 2009, but cannot say whether this will be a long-term growth.
Overall assessments of experts remain pessimistic, and in the long term they are talking about the price of 50 dollars per barrel.
Thus, the experts by Reuters believe that the general trend in the market will further decline in oil prices. -02D-
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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