Azerbaijan's Energy Ministry unveils the country’s new oil production quotas

Yesterday, the price of September Brent futures on the London ICE Futures exchange fell to $78.55 per barrel, by $1.23 (1.54%) lower than at the close of previous trading. WTI crude futures for September on the New York Mercantile Exchange (NYMEX) dropped in price to $74.92 per barrel.

The State Oil Company of Azerbaijan (SOCAR) and the Italian company Eni S.p.A will consider the possibilities of synergy and investment in new and existing upstream projects in Azerbaijan and the countries where Eni S.p.A conducts operations, the Memorandum of Understanding signed on July 30 in Baku between the companies reads.

Azerbaijan has maintained its leadership in terms of gas supplies to Türkiye for the second month in a row, the monthly report by the Turkish Energy Market Regulatory Authority (EPDK). Azerbaijan increased its natural gas exports to Türkiye in May 2024, achieving an increase of 9.24 percent compared to the same period last year.

Negotiations with Saudi Arabian companies that are ready to invest in the energy sector of Azerbaijan are underway. According to Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia to Azerbaijan Issam bin Saleh Al-Juteili, work is underway at the level of government commissions to explore investment opportunities in the oil and gas sector, as well as in the field of alternative energy in Azerbaijan.