
Vagit Alekperov, just like Turan, predicts the price of oil at $75 per barrel
Vagit Alekperov, president of the oil company "LUKOIL", said that the price of oil in the medium term is stabilized at $75 per barrel. We will probably see a gradual reduction in the rate of extraction and stabilization of the market at no more than $75 per barrel in the medium term of 3-7 years, he said, speaking at a conference in 2015 IHS Ceraweek US oil capital of Texas.
Alekperov hoped that the OPEC summit to be held next week will adopt decision on the reduction of quotas. He justified his optimism by the fact that the Middle East due to the tense situation in the region is in need of huge funds. In the article published by Turan news agency on March 10, 2015
"In 2016, the oil price will not be lower than $90/barrel," predicted that oil prices for brent in the second half of 2015 should rise to $75/bbl., but not above $90/bbl., and in 2016 they will reach the threshold of $90/bbl. That is the conclusion made by Turan after the analysis of political, not economic reasons for the sharp fall in oil prices (http://contact.az/docs/2015/Analytics/031000109367ru.htm#.VWhT58_tmko). —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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