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2016-06-22 18:15:00

WBG BUYS AZERBAIJAN

WBG BUYS AZERBAIJAN

 

AZERBAIJAN OIL GAS MAP

 

AZERBAIJAN OIL GAS MAP

 

WBG wrote, as countries across Europe and Central Asia continue to face challenging economic headwinds, the eastern part of the region in particular is being impacted by the collapse of oil revenues and the associated decline in remittances. Azerbaijan, in the South Caucasus, is one of the countries most affected.

Economic growth in Azerbaijan slowed in the second half of 2015, affected by the continued plunge in oil prices and reduced public investment, which then depressed construction activity. Inflation soared as a result of large manat devaluations, raising concerns about new social vulnerabilities.

With oil prices forecast to remain low, Azerbaijan's growth and fiscal position are likely to weaken further in 2016, posing significant risks. Financial sector vulnerabilities and an underdeveloped macroeconomic policy framework are further adding to the country's challenges.

Against this backdrop of adverse economic developments, World Bank Chief Economist for Europe and Central Asia, Hans Timmer, visited Baku in May, 2016. The main objective of Timmer's visit was to present and discuss the recent Regional Economic Update, Impact of China on Europe and Central Asia.

This two-chapter report provides a macroeconomic outlook for Europe and Central Asia, followed by an in-depth analysis of the impact of China's economic rebalancing on the region. Unsurprisingly, the report and the presentation elicited strong interest from Azerbaijan's government, academia, and civil society.

In Baku, Timmer also met with Azerbaijan's Minister of Finance, Deputy Minister of Economy, Chairman of the Central Bank, and Executive Director of the State Oil Fund. During his various discussions, the Chief Economist proposed a five-point plan to adjust to the new economic environment, including a rethinking of monetary policy.

Recognizing that a broad set of policies is required, Timmer recommended addressing vulnerabilities in the financial sector, securing fiscal sustainability, and facilitating job creation in new, internationally competitive economic sectors.

In conversations with academia, civil society and diplomatic representatives at Azerbaijan Diplomatic Academy University, Timmer argued that the growth model of the 2000s is no longer working and, for new opportunities to be seized, policy responses must address the highly negative impact of collapsed energy prices.

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Earlier: 

WORLD BANK PRICE: $41 

WORLD BANK'S OIL PRICE: $37

 

 

Tags: AZERBAIJAN, OIL, GAS, WBG, WORLD, BANK
WBG BUYS AZERBAIJAN September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

WBG BUYS AZERBAIJAN September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

WBG BUYS AZERBAIJAN September, 21, 10:45:00

UNEXPECTED OIL PRICES

WBG BUYS AZERBAIJAN September, 21, 10:40:00

OIL MARKET UNCERTAINTY

WBG BUYS AZERBAIJAN September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

WBG BUYS AZERBAIJAN September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

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Chronicle:

WBG BUYS AZERBAIJAN
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

WBG BUYS AZERBAIJAN
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

WBG BUYS AZERBAIJAN
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

WBG BUYS AZERBAIJAN
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »