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Tag Archives: Oil

Oil Prices fall on Doubts Over OPEC Production Cut

Oil Prices fall on Doubts Over OPEC Production Cut

Oil prices fell around 2 percent on Tuesday on signs leading oil exporters were struggling to agree a deal to cut production to reduce global oversupply. The Organization of the Petroleum Exporting Countries will meet in Vienna on Wednesday aiming to implement an agreement outlined in September to cut output …

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Azerbaijan Weekly Market Watch

Azerbaijan Weekly Market Watch

Galt&Taggart Publishes Report on Main Developments that Took Place in Azerbaijani Economy Last Week: Oil extractiondown at the Azeri-Chirag-Gunashli oil field in 3Q16 In 3Q16, oil production was down 2.5% y/y to 622,359 barrels per day at the Azeri-Chirag-Gunashli (ACG) oil field, operated by the BP-led consortium, as operations at …

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SOCAR Drilling New Well at Oldest Oil field in Caspian Sea

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Azerbaijan’s state oil company SOCAR will additionally produce about 3,650 tons of oil annually, thanks to the commissioning of a new well that is being drilled at the Oil Rocks offshore field, SOCAR said in a message posted on its website Nov. 24. The well’s projected depth is 1,700 meters …

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Construction Work at Baku Refinery to Start in March 2017

Construction Work at Baku Refinery to Start in March 2017

Construction work on the territory of Heydar Aliyev oil refinery in Baku will commence in March 2017, Tofig Gahramanov, the SOCAR vice-president for strategic development, told reporters in Baku. The FEED project (Front End Engineering Design) on new installations will be finished in December, said Gahramanov. The all-factory (including buildings, …

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IMF: Any Further Oil Price Recovery Expected to be Limited

IMF: Any Further Oil Price Recovery Expected to be Limited

The slump in oil prices and ongoing conflicts continue to weigh on MENAP’s (Middle East, North Africa, Afghanistan and Pakistan) economic outlook, the International Monetary Fund (IMF) said in its Regional Economic Outlook. Uncertainties arising from conflicts in Iraq, Libya, Syria, and Yemen are weakening confidence and lower oil prices …

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Iran Is Stuck With China to Finance Its Oil Dreams

Iran Is Stuck With China to Finance Its Oil Dreams

Amid the snake-infested marshlands on Iran’s border with Iraq, the control room monitoring North Azadegan oil field is manned entirely by Chinese technicians. In central Tehran, hundreds of Chinese pour out at noon from the telecommunications company Huawei to its canteen. There are now so many Chinese expatriates here, some …

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The Biggest Winners and Losers From OPEC’s Oil Deal

The Biggest Winners and Losers From OPEC's Oil Deal

Good news for oil producers is bad news at the pump. The Organization of Petroleum Exporting Countries’ agreement to cut production ends two years of Saudi Arabia’s pump-at-will policies, which had sunk oil prices to the joy of drivers in the Western world and the consternation of central bankers seeking to stave …

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Georgian Olive Oil to be Sold on the Local Market

Georgian Olive Oil to be Sold on the Local Market

A new local product – olive oil will be sold in Georgian stores and supermarkets starting November. According to Director of GeOlive company Giorgi Svanidze, initially  the products will be sold only on the local market, since 2017 it is planned export olive oil abroad. “We have already signed agreements …

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Fuel Imports Declined by 36.6 thousand Tons

Fuel Imports Declined by 36.6 thousand Tons

In August Georgia imported 94.4 thousand tons of oil products (petrol and diesel), down 36.6 thousand tons compared to the July indicators. According to the Union of Oil Products Importers, petrol imports made up 49.5 thousand tons, down 5.1 thousand tons, while diesel imports marked 44.9 thousand tons, down 31.5 …

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Iran’s Spare oil Production Capacity Limited – Expert

Iran’s Spare oil Production Capacity Limited - Expert

Iran’s spare oil production capacity is quite limited, Kamran Dadkhah, an associate professor in the Department of Economics at the US Northeastern University, expert on Iran believes. “Prior to the Islamic revolution [in 1978-79] Iran produced 6 million barrels per day. On that basis Iran has close to two million …

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