IRAN & AZERBAIJAN COOPERATION
According to SHANA, addressing a joint press conference with Azeri President Ilham Aliyev on Sunday, President Rouhani referred to joint oil and gas activities in the Caspian Sea and said the two sides will based on a Memorandum of Understanding (MoU) cooperate in the joint fields. "This will serve as an important step towards promotion of Tehran-Baku relations."
Accompanied by a number of high-ranking Iranian officials and his cabinet ministers, President Rouhani arrived in Baku for a two-day visit on Sunday morning.
During the visit, President Rouhani attended trilateral talks among Iran, Russia and Azerbaijan and conferred with his Russian and Azeri counterparts on expansion of trilateral cooperation in commerce, energy, telecommunications, environment, fight against terrorism, transportation and transit of goods.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.