BAKU, Azerbaijan, July 20
By Fatima Zulfugar - Trend:
Azerbaijani President Ilham Aliyev signed a decree last week on application of the Law of the Republic of Azerbaijan on the use of renewable energy sources in the production of electricity. The law was adopted by the Azerbaijani parliament on May 31, 2021.
Last week, the price of Brent crude oil decreased below $68 per barrel for the first time since May 27. The cost of ICE Brent Crude Oil futures contract for September 2021 accelerated decline to $67.95 per barrel (-7.66 percent).
The State Oil Company of Azerbaijan SOCAR has put into operation a highly productive well in the Bulla-Deniz field.
The geological work in the Bulla-Deniz field, which plays an important role in the country's gas supply, was successfully conducted and a filter was opened in the range of 5,878-5,865 meters of the well #123 in the field.
The ministers of OPEC+ countries agreed on July 18 to extend the agreement until the end of 2022 with the main parameter of the deal - the production baseline - changing for some countries.
According to the source, for Russia and Saudi Arabia the production baseline will be raised by 0.5 mln barrels per day (bpd), to 11.5 bpd. For the UAE, it will be raised from 3.17 mln bpd to 3.5 mln bpd. The production baseline will also be raised for Kuwait and Iraq by 150,000 bpd.
Moreover, the ministers of the OPEC + countries agreed to continue the restoration of oil production from August and return to the market two million barrels per day till late 2021. All countries agreed to increase oil production by 0.4 million barrels per day per month. Thus, by the end of the year, the reduction in oil production by the OPEC + member-states will decrease to 3.7 million barrels per day.
The government of Greenland stopped searching for oil last week. Despite its potential wealth of natural resources, the world's biggest island has called protection from global warming a priority. The decision to end exploration in Greenland waters, made on June 24 and announced on July 15, has delighted environmental groups. Greenpeace called it "fantastic".