Bloomberg holds event in Azerbaijan's Baku on World of Commodities and Energy Transition (PHOTO)

Oil&Gas Materials 23 May 2024 11:39 (UTC +04:00)
Bloomberg holds event in Azerbaijan's Baku on World of Commodities and Energy Transition (PHOTO)
Lada Yevgrashina
Lada Yevgrashina
Read more

BAKU, Azerbaijan, May 23. International analytical company Bloomberg held an event in Baku on “World of Commodities and Energy Transition”, where speakers shared their vision of the development of commodity markets as well as issues of movement on the path of “green” transformation, Trend reports.

One of the speakers, Bloomberg markets specialist Douglas Crawford, noted that Azerbaijan is a producer of hydrocarbons, developing “green” energy in parallel, and Bloomberg considered it important to hold a presentation of its work in Baku, especially since Azerbaijan will be the “host” of COP29 in 2024.

Crawford, in his presentation, shared the ways of searching, analyzing, and interpreting data on the world-famous Bloomberg electronic trading terminal (world quotations of various raw materials, currencies, and others).

This electronic analytical platform presents the dynamics of the development of a wide range of commodities, including oil and gas.

According to Crawford, the current situation in the global oil market is interesting, in particular, because the US, the world's largest oil producer, has reached peak production (over 13 million barrels per day) against the backdrop of the US presidential election campaign.

“Also, the situation in OPEC+ (the format of agreements between the world's oil producers) is also interesting; as oil production in Russia, which is under international sanctions, is fluctuating, the situation in OPEC+ may be affected by the new countries that have joined this OPEC+ format. The upcoming OPEC monitoring conference on June 1 may bring new decisions in the global oil market, which affect global oil prices and which will be promptly reflected and analyzed by Bloomberg,” Crawford stressed, adding that Azerbaijan is also participating in the OPEC+ negotiating format.

He believes that the analytical work of the Bloomberg team can be useful for Azerbaijan.

Crawford mentioned that Azerbaijan is increasing its gas exports to the EU, and “this is good.”

“The electronic terminal also tracks the dynamics of the gas market and the state of the world's gas storage. Now all the world's attention is focused on the fact that the difficult situation in the Red Sea forces tankers and gas carriers with liquefied natural gas to follow bypass routes, which also affects world energy prices,” Crawford added.

He also noted that Bloomberg interacts with the world's leading structures, in particular the International Monetary Fund and the World Bank, and its analytical information is based on confirmed, verified facts, which allows users to avoid commercial risks.

Stay up-to-date with more news on Trend News Agency's WhatsApp channel