US have decided to start limited deliveries of crude light oil to Mexico in exchange for heavier oil. Experts say that the contract will be beneficial for the both sides.
Reuters reported quoting a high ranking official from the Barack Obama administration that the US will begin limited oil deliveries to Mexico.
The official added that the US Department of Commerce “highly considers several proposals” on crude oil deliveries to Mexico in exchange for Mexican oil import to the US. The Reuters experts say that such swaps is one of the few forms of the US oil export allowed within the framework of almost total ban on the US oil deliveries abroad.—0—
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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