Oil Declines More Due to Production Growth in Saudi Arabia

Interest in the short-term capacity of the Trans Adriatic Pipeline (TAP) has increased significantly, Vugar Veysalov, head of the External Relations Department of the TAP consortium said at the Belgrade Energy Forum on May 15.

In January-April 2024, Azerbaijan exported over 6.928 million tons of crude oil, according to customs declarations, the monthly report of the State Customs Committee of the Republic of Azerbaijan. According to the information, the value of crude oil exported from Azerbaijan over the past 4 months amounted to more than 4.364 billion dollars.

In January-April 2024, oil exports via the Baku-Tbilisi-Ceyhan (BTC) pipeline decreased to 9.606 million tons from 9.802 million in the same period of the previous year, the monthly report of the State Customs Committee of the Republic of Azerbaijan.

The State Oil Company of Azerbaijan (SOCAR) and the Russian “Tatneft” signed a new roadmap for cooperation in Kazan, SOCAR President Rovshan Najaf announced  on his Facebook page on May 15. "Within the framework of the XV International Economic Forum "Russia - the Islamic World: KazanForum 2024", we had a fruitful meeting with Nail Maganov, General Director of “Tatneft.” During the meeting, a new roadmap for cooperation was signed, and views were exchanged on various issues of mutual interest," Najaf wrote.