Brent crude oil prices fell by $2.81/barrel last week

President of Ukraine Vladimir Zelensky confirmed to “Bloomberg” information about the ongoing negotiations on the transit of Azerbaijani gas through the territory of Ukraine to the countries of the European Union. President Zelensky said that several options for using Ukraine's transit gas pipelines are being discussed.

The future of Russian gas transit to Europe through Ukraine after 2024 depends on Ukraine's wishes and rules, but Russia is ready to continue supplies, Russian Deputy Prime Minister Alexander Novak told reporters.

Azerbaijan supplied 38 bcm of natural gas to European consumers by July 1 this year.  According to the Ministry of Energy of Azerbaijan, Italy accounted for more than 30 bcm of this volume. The Italian market accounted for 79.1% of Azerbaijani gas sales in Europe.

In January-June of this year, the State Oil Fund of Azerbaijan (SOFAZ) received $3 billion 5.3 million from the development of the Azeri-Chirag-Guneshli (ACG) block of fields located in the Azerbaijani sector of the Caspian Sea,  the SOFAZ website. It is noted that the income of the Oil Fund from ACG during the period under review decreased by $ 342.7 million or 10.24% compared to January-June 2023.