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Goldman Sachs downgrades oil price forecast
Baku/23.11.22//Turan: Analysts at Goldman Sachs worsened their oil price forecast for the fourth quarter of this year by $10, to $100 per barrel, amid growing concerns about the state of the Chinese economy and the prospects for introducing a ceiling on prices for Russian oil.
“The number of cases of COVID-19 in China is at its April highs, but the possible response of the authorities of the country remains unknown. We have lowered our demand expectations in China by 1.2 million barrels per day for this quarter, to lockdowns," the report said.
Brent futures on the London ICE Futures exchange traded at $89 per barrel on November 22. –0-
Energy
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From January to October this year, the State Oil Fund of Azerbaijan (SOFAZ) earned $5.334 billion from the development of the Azeri-Chirag-Gunashli (ACG) oil fields, located in Azerbaijan’s sector of the Caspian Sea. According to SOFAZ, this represents a decrease of $531.6 million, or 9.06%, compared to the same period in 2023. In January-October 2023, SOFAZ earned $5.866 billion from the ACG project.
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From January to October this year, the State Oil Fund of Azerbaijan (SOFAZ) earned $416.174 million from the development of the “Shah Deniz” gas field in Azerbaijan’s sector of the Caspian Sea. According to the Fund, this is a decrease of $766.826 million, or 2.8 times, compared to the same period in 2023.
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The Cabinet of Ministers has amended the decree from April 22, 1998, “On Customs Duty Rates for Export-Import Operations.” Prime Minister Ali Asadov signed the new decree on November 7, 2024.
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The energy ministers of Azerbaijan and Kazakhstan discussed issues related to the "green energy" corridor between Central Asia and Azerbaijan during a meeting in Italy, according to Azerbaijan's Ministry of Energy.
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