During September 2013 world oil production dropped by 0.33 million barrels a day against August and totaled 89.93 milion barrels a day, reads the OPEC report about the state and conditions of the world oil market, reported RBC.
In September oil production by the OPEC member-states decreased by almost 390,000 barres a day against Augist to 30.05 million barrels a day.
In September 2013 Nigeria, Algeria and Angola have increased oil production, while Iraw, Lybia, Saudi Arabia and Venezuela decreased oil production.
The official limit of oil production by OPEC is 30 million barrels a day till the end of 2013. The quote of the first semi annual period in 2014 will be discussed by the OPEC member-states Ministers at the session on December 4, 2013.—0—
Economics
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Azerbaijan’s state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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