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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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