Oil prices increased last week

Production from the "Shah Deniz Alpha" platform under the "Shah Deniz-1" project was resumed on the evening of January 18, 2025, after being suspended on January 7, the press service of BP-Azerbaijan, the operator of the “Shah Deniz” gas condensate field.

At a press conference on January 17 following negotiations with his Iranian counterpart Masoud Pezeshkian, Russian President Vladimir Putin confirmed that the project for constructing a gas pipeline between the two countries is underway. According to him, the initial supply could reach up to 2 bcm, but it could eventually increase to 55 bcm annually.

Azerbaijan and Pakistan discussed oil product trade issues. On January 18,  SOCAR President Rovshan Najaf met with Pakistan’s Minister of State for Petroleum Musadik Malik,  the press service of the State Oil Company of Azerbaijan (SOCAR). The meeting highlighted the successful development of relations between Azerbaijan and Pakistan.

Russia and Iran agreed to expand cooperation in the oil and gas sector and encourage investment in field development projects. This provision is included in the Comprehensive Strategic Partnership Agreement signed between the Russian Federation and the Islamic Republic of Iran.