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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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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