Bloomberg: Saudi Arabia to cut oil sector spending by $40 billion

"Gazprom" and the State Oil Company of Azerbaijan (SOCAR) are discussing partnership in the "North-South" project and have agreed to expand their multifaceted strategic partnership, said Alexey Miller, head of the Russian holding company.

Russia and Azerbaijan are considering the possibility of implementing new joint projects, including on the Caspian shelf, said Russian Deputy Prime Minister Alexander Novak. "In general, there are a number of new projects, including on the Caspian shelf, which are being considered for potential joint implementation," he told RT.

Russia and Azerbaijan will jointly build oil tankers, Russian President Vladimir Putin announced on August 19 following talks with Azerbaijani president Ilham Aliyev in Baku. "The Russian United Shipbuilding Corporation, together with the Baku Shipyard, will begin producing modern river-sea class tankers for the transportation of oil products," said the Russian leader.

Russia became the main supplier of crude oil to Azerbaijan in the first half of the year. According to official Azerbaijani statistics, from January to June 2024, Azerbaijan imported 981.38 thousand tons of oil worth $554.708 million. Of this, 87.1% came from Russian raw materials - 855.23 thousand tons worth $477.55 million (a 40.1% increase in physical terms, and a 44% increase in value). The remaining volumes of imported crude oil came from Kazakhstan and Turkmenistan.