The price of Brent crude oil was noted on Forex, 18.00 Baku time at 97.15 dollars per barrel (The lowest rate was recorded today at around 96.71 dollars a barrel). At this level, the price was 14 April 2013.
This figure is lower than yesterday's about 1 point. According to RBC, on the basis of trading on the Intercontinental Exchange in London on September 10, the October contract for Brent crude fell $ 1.12, closing at 98.04 dollars per barrel. On the New York Mercantile Exchange price of the futures contract for WTI crude oil for October delivery fell $ 1.08 to 91.67 dollars per barrel.
Analysts of the Russian news agency say that the price of oil continues to follow the downward trend. On Wednesday, September 10, quotes for Brent fell to its lowest level in 17 months. The mark WTI fell to an eight-month low. The reason for the decline was a regular review of OPEC, in which it lowered its forecast for global oil demand for 2014-2015. Additional pressure on the market was the news of a smaller-than-expected reduction of oil reserves in the United States.
The Organization of Petroleum Exporting Countries in its monthly oil market report lowered its forecast for global oil demand for 2014-2015 by 50 barrels / day and 20 BD, respectively. So, now in the cartel it is believed that in the current year growth in the demand will be 1.05 million BD (up to 91.19 million BD) and in 2015 - 1.19 million BD (up to 92.38 million BD). "The forecast has been reduced mainly on the background of weaker dynamics (demand) in the OECD in H1 of 2014," according to the OPEC survey.
In Azerbaijan, where the economy is over dependent on oil, government officials, experts and the media bypass the theme of falling prices and a poor prognosis. In general, taking into account payments to the state budget also by foreign oil companies, the oil sector in the formation of the state budget revenues in 2013 exceeded 75%. In 2014, the price of oil is incorporated in the state budget at the level of 100 dollars per barrel. And swim of the prices to below this figure will have to force the government to reconsider a number of government programs. Business structures in Azerbaijan are already experiencing the problem of falling oil prices. Fiscal authorities take unpopular measures to withhold additional taxes and charges for the transfer to the budget. -0
Economics
-
On September 20, 2024, Volts Energy Ltd., an engineering company based in Abu Dhabi, and Azerbaijan’s Turan Energy LLC announced the creation of a new joint entity, TuranVoltsEnergy. This venture will focus on EPC (Engineering, Procurement, and Construction) projects in renewable energy and energy storage systems within Azerbaijan.
-
The number of passengers traveling by air from Azerbaijan has seen a significant increase in 2024, rising by 26.7% from January to September compared to the same period last year. According to the State Agency for Tourism, a total of 2,548,897 people used air transport services to travel to 40 countries during this period.
-
Azerbaijan’s prolonged border closures, approaching five years, have taken a profound toll on the labor market, particularly in border regions, where cross-border trade and services were once critical economic drivers. Official data highlights the stark disparity between the growing labor force and the lack of new job creation in these areas, underscoring the social and economic challenges faced by residents.
-
Azerbaijan’s food imports have surged to unprecedented levels, with a significant rise recorded in the first nine months of 2024, according to data from the State Customs Committee. Food imports for January-September reached USD 1.755 billion, marking an 11.4% increase over the same period last year. This represents a USD 179.7 million increase compared to 2023, setting a record for food imports in the country’s history. Over the past decade, food imports have more than doubled, rising by 2.4 times, with a notable 52.5% growth in the last five years alone.
Leave a review