The cost of futures for Brent crude oil for February delivery fell below $31 a barrel. Oil prices started to decline after the opening of trading on the stock exchanges in China, and soon Brent dropped to $31.09. At 9:30 oil cost $30.73. Falling prices have a direct and negative impact on the economies of oil-producing countries, including Azerbaijan. Falling prices mean that manat will continue to weaken and the creeping devaluation will continue.
In Azerbaijan since Saturday actually stopped selling the dollar and euro, while the price on the black market continues to grow. After the devaluation on 21 December manat has fallen in price in ratio to the American and European currencies by 80 - 100%.
The price of oil in the state budget of Azerbaijan is around $50 dollars. -02D-
Economics
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Azerbaijan’s COP29 Operating Company is advancing green energy initiatives with partners to power the Baku Olympic Stadium, host of the upcoming COP29 climate summit, and to promote sustainability across Azerbaijani regions.
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Azerbaijan’s real estate market, particularly in Baku, continues to see significant price growth in 2024, with apartment prices up by 9.2% in the first nine months of the year. The trend is largely driven by supply shortages, inflation, and rising demand from investors, according to market analysts.
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The Small and Medium Business Development Agency of Azerbaijan (KOBİA) has focused its support efforts on the Baku economic region, approving 220 business plans from January to September 2024, underscoring its commitment to fostering business growth within the country.
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