Economy

Total ACG production for first three quarters amounted to 15 million tonnes, bp Azerbaijan

“During the third quarter, ACG continued to safely and reliably deliver stable production. Total ACG production for the first three quarters was on average about 418,000 barrels per day (b/d) (about 114 million barrels or 15 million tonnes in total) from the Chirag (25,000 b/d), Central Azeri (105,000 b/d), West Azeri (108,000 b/d), East Azeri (63,000 b/d), Deepwater Gunashli (77,000 b/d) and West Chirag (40,000 b/d) platforms,” bp Azerbaijan told Baku Tribune.

Stephen O'Sullivan: Сutting off all Russian gas supplies to Europe there would be consequences to both sides

An interview to Baku Tribune was given by Stephen O'Sullivan, a senior visiting research fellow at the Oxford Institute for Energy Studies.

Azerbaijan, Pakistan to facilitate product transit at customs

Azerbaijan and Pakistan are working on signing the Transit Trade Agreement, Pakistan's ambassador to Azerbaijan, Bilal Hayee, told Report.

Nord Stream repair may take at least six months, says lawmaker

Repairing the ruptures that occurred on the lines of the Nord Stream 1 and Nord Stream 2 gas pipelines may take more than six months, Pavel Zavalny, who heads the State Duma’s (lower house) Committee on Energy, believes.

Azeri Light crude sells for $110.52

Azerbaijani oil price has decreased on the world markets.

Mikayil Jabbarov: Revenues from private section of non-oil sector increased by 44.9%

“In January-February 2022, revenues from the private section of the non-oil sector increased by 44.9% and amounted to 1,076.7 mln manats,” said Azerbaijan`s Minister of Economy Mikayil Jabbarov.

Azerbaijan produces 580,900 barrels of crude oil per day in January

In January 2022, daily oil production (including condensate) in Azerbaijan amounted to 700,500 barrels, including 580,900 barrels' crude oil and 119,600 barrels' condensate, the Ministry of Energy told AZERTAC.

Azerbaijan sharply increased gas export last year

35 108,8 million cubic meters of gas were transported via main gas pipelines in Azerbaijan last year, which is 18,6% more in annual comparison, the State Statistics Committee told APA-Economics.

Azerbaijan's economy grew by more than 7% in the 4Q of last year

Azerbaijani economy grew by 5.6% in real terms in 2021, according to the preliminary data, Baku Tribune reports.

Oil prices jump on world markets

Oil prices have increased on the world markets.

Wall Street closes higher despite disappointing data

Markets on Wall Street closed higher on Friday as investors digested economic data reports that showed consumer sentiment in the United States hit a 10-year low this month, while September job openings remained unchanged from the previous month. Stocks still posted weekly losses as concerns about high inflation following the latest consumer price index report continued to affect sentiment.

Azerbaijan's strategic currency reserves sharply increased over the last 5 years

Azerbaijan's strategic currency reserves have increased by USD 12.8 bln. or 34.5% over the last 5 years (2016-2021), APA-Economics reports citing report of State Oil Fund of the Republic of Azerbaijan (SOFAZ) on 2020.

Asian stocks dip after China's CPI data

Shares in the Asia-Pacific region traded with losses on Wednesday after China's National Bureau of Statistics revealed that the consumer price index (CPI) in the country advanced 1.5% on an annual level.

UK house prices jump 8.1% in October

House prices in the United Kingdom increased by 8.1% in October compared to the same month in 2020, according to Halifax's monthly House Price Index report published on Friday. The figure came in above estimates.

Lufthansa's revenue in Q3 up 96% to reach €5.21B

Deutsche Lufthansa AG reported on Wednesday that its total revenue in the third fiscal quarter of 2020 landed at €5.21 billion, missing estimates although landing 96% higher than in the same period the previous year. The company's operating expenses in the same period grew by 32% year-over-year to stand at €5.65 billion.

Azerbaijan's strategic currency reserves exceed USD 52 bln.

Strategic currency reserves of Azerbaijan increased by 3.4% or USD 1.7 bln. in January-September of this year and amounted to USD 52,5 bln., said chairman of the Central Bank Elman Rustamov in an online press conference on parameters of interest rate corridor, Baku Tribune reports.

France's Q3 growth sharpest in 50 years - Le Maire

The growth that the French economy has recorded in the third quarter hasn't been observed in the last 50 years, the country's Finance Minister Bruno Le Maire (pictured) said on Friday.

Europe opens mixed following earnings

Major stock markets in Europe opened mixed on Thursday as investors reflected on company earnings and prepared for upcoming financial reports. Airbus, Unicredit, Volkswagen, Shell, Stellantis and Total already published their earnings results prior to the opening bell.

Asian stocks trade lower as inflation woes linger

Shares in the Asia-Pacific region traded with losses on Wednesday, as worries related to the spread of COVID-19 and inflation seemingly mounted among traders.

Gas prices increase on world markets

The price of futures quotes for natural gas at the NYMEX (New York Mercantile Exchange) has increased, Baku Tribune reports

Gas prices may climb to $3,000 per 1,000 c/m amid fuel crisis, says expert

The current energy crisis could bring gas prices to $3,000, or even higher, when China starts securing its supplies, Mamdouh Salameh, an international energy economist and visiting professor of energy economics at the ESCP Europe Business School in London, said in an interview, Baku Tribune reports citing Sputnik.

Azerbaijani oil price surpasses USD 83

The price of Azeri Light (CIF) crude oil has increased on the world market, Baku Tribune reports.

Eurozone manufacturing PMI sees largest drop since April 2020

The eurozone Purchasing Managers’ Index (PMI) for the manufacturing sector registered the largest drop in September since April 2020 as supply-side constraints continued to impact goods producers, according to data released on Friday.

Oil up over estimated fall in US crude stocks, tight supply

Oil prices increased on Wednesday on the back of an estimated decrease in US crude inventories, while tight supply after two hurricanes in the US Gulf of Mexico, and soaring demand is also supporting further price gains.

Oil prices jump on world markets

Oil prices have increased on the world markets.

Azerbaijan, Russia agreed on seasonal gas swap

Azerbaijan and Russia agreed to cooperate in seasonal natural gas swaps. The relevant contract was signed between Azercontract and Gazprom, the Azerbaijani news agency Report said on Tuesday.

Turkey was Azerbaijan’s top importer among OIC countries

Turkey, Tunis and Libya were the top three importers of Azerbaijan among OIC countries in January-May of this year, according to the country’s State Customs Committee.

Azeri Light crude price exceeds $76.5

Azerbaijani oil price has increased on the world markets.