High oil prices: impact on Azerbaijan and the world as a whole

Baku Oil Refinery named after Heydar Aliyev (BNEZ) of the Azerbaijan State Oil Company (SOCAR) plans to start production of gasoline conforming to Euro-5 environmental standards this month.

The 29th International Energy Forum was held in Baku, and almost all speeches indirectly or directly included the topic of COP29 - the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate, which will be hosted by the capital of Azerbaijan in November this year.

The projects Info-communication Technology (ICT), High Technology (HT), and finally Digital Development (DD) seem to help the survival of many sectors of the world's economy, although the introduction of these digital technologies requires the competence of countries to ensure equal accessibility to a billion inhabitants of our planet, to provide high-quality services to the communications sector (CS).

In April, the International Energy Agency (IEA) stated that gas prices in Europe and Asia in the first quarter of 2024 fell below pre-crisis levels amid an oversupply with declining demand. The IEA believes that the demand for EU gas "injections" in the summer of 2024 may be 35 percent lower than the average over the past five years. At the same time, China will account for a third of global gas demand in 2024.