Category: Energy

Azerbaijan can produce an average of 40 billion cubic meters of natural gas per year by 2050, “QİA.AZ” informs, referring to the Global Gas Outlook 2050 report of the Gas Exporting Countries Forum (GECF). According to this indicator, the document says that Azerbaijan ranks third in the Eurasian region after Russia and Turkmenistan: “Most of the natural… Continue reading GECF: Azerbaijan – 3rd biggest natural gas producer in Eurasian region

This year, the price of a barrel of oil will reach $80, as oil demand will rise again. Still, producers will not respond immediately to the necessary proposals, said Khayal Ahmadzadeh, CEO of SOCAR Trading SA, a Swiss subsidiary of the State Oil Company of Azerbaijan (SOCAR). According to him, in 2020, the excess oil… Continue reading SOCAR Trading: Price of a barrel of oil to reach $ 80

The price of the April futures for Brent crude oil on the London ICE stock exchange has increased by 1.20 percent and reached $66.02 per barrel, “QİA.AZ” informs, referring to the data of the trading floor as of 05:38 a.m. (GMT +4). Last time the price of Brent oil exceeded $66 per barrel in January 2020. At the… Continue reading Brent oil prices exceed $66

Belarus and Russia have signed an intergovernmental agreement on organizing cooperation in transportation and transshipment of Belarusian oil products intended for export to third countries through Russian seaports, “QİA.AZ” informs, referring to BelTA. The document envisages the transshipment of more than 9.8 million tons of cargo by Belarusian enterprises in Russian ports in the Baltic in 2021-2023, and, in… Continue reading Belarus pledges to use Russian ports for export of oil products

Azerbaijan exported 1,120,220.670 cubic meters of natural gas in January this year, “QİA.AZ” informs, citing the State Customs Committee. According to the information, the total cost of natural gas exported last month amounted to $100,026,390. Of this, 1,007,604.850 cubic meters were delivered to Turkey, and 112,615,820 cubic meters to Georgia. The total cost of natural gas exported to Turkey in January amounted to $87,629,870,… Continue reading Azerbaijan unveils volume of gas exports to Turkey and Georgia

In January this year, Azerbaijan exported 28,100 tons of petroleum coke, according to customs declarations. “QİA.AZ” informs, citing the State Customs Committee, that the total value of this volume amounted to $1.685 million. During the reporting period, the share of petroleum coke in the country’s total exports was 0.1%.

The Russian oil company Lukoil will take part in developing the Azerbaijani-Turkmen Dostluk field in the Caspian Sea, “QİA.AZ” informs referring to turkmenportal.com. The relevant agreements were reached on Feb. 19 during the meeting of Turkmen President Gurbanguli Berdimuhamedov with the head of the company Vagit Alekperov. “We welcome the Lukoil Public Joint Stock Company’s intentions to… Continue reading Lukoil to take part in Dostluk field’s development in Caspian Sea

The price of a barrel of Azerbaijan’s Azeri LT CIF oil in the world market has increased by $1.57 or 2.5%. “QİA.AZ” informs that the price of Azeri Light oil currently makes $64.34 per barrel. The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.

The United States currently expects the Southern Gas Corridor (SGC) project to be grown with new gas sources that will be delivered to existing and new markets, “QİA.AZ” mentions, citing the US Embassy in Azerbaijan. The US is pleased to attend last week’s 7th Ministerial Meeting of the Southern Gas Corridor Consultative Council, along with President Ilham… Continue reading US expects SGC to expand with new gas sources

The average oil price in 2021 will range within $45-$60 per barrel, Russian Deputy Prime Minister Alexander Novak said, “QİA.AZ” informs. The current prices fully correspond to the situation on the market, he noted. “Over the past few months, we have seen low volatility, which means that the market is balanced and the prices certainly correspond to the market… Continue reading Russian deputy PM: Average oil price in 2021 will be $45-$60 per barrel