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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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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