Energy in Azerbaijan

[Azad]

"Azerbaijani president slams State Oil Company, announces privatization

President Ilham Aliyev has criticized oil and gas giant SOCAR and other state-owned companies as wasteful in a speech nodding to Azerbaijan’s unfolding economic crisis and calling for a mass privatization drive.

In unprecedented condemnation of a system he has overseen as president for almost 17 years, Aliyev slammed SOCAR for tapping the state budget rather than its own revenues to implement projects.

Oil and gas sales account for roughly two-thirds of budget revenues, according to Fitch Ratings; earlier this month the government was forced to redraft its budget to reflect oil prices of $35 per barrel, down from $55. GDP shrank by 2.7 percent in the first six months of 2020, the president said. His finance minister said a day earlier that output could fall up to 5 percent this year."

https://eurasianet.org/azerbaijani-president-slams-state-oil-company-announces-privatization

[Azad]

All the large oil companies are exiting azeristan. First Chevron left now Exxon.

"Exclusive: Exxon Revives Sale of Stake in Giant Azeri Oilfield

For Exxon, the sale of its operations in Azerbaijan would mark the end of a 25-year involvement."

https://www.nytimes.com/reuters/2020/05/19/business/19reuters-exxon-m-a-azerbaijan-exclusive.html

[Azad]

"BAKU -- Azerbaijan's central bank has put four of the energy-rich South Caucasus country's top banks under temporary administration, amid economic difficulties caused by a plunge in oil prices and the coronavirus pandemic. The central bank on April 27 appointed temporary administrators for Atabank, AGBank, NBCBank, and Amrah Bank, which are among the country's 15 largest financial institutions.
No explanations were officially given for the decision, but some media reports said it might be a first step toward the banks' possible closure or merger with other financial institution.
The ongoing widespread economic slowdown caused by governments imposing restrictions on businesses and individuals in a bid to curtail the spread of the coronavirus has triggered a collapse of global oil prices in recent weeks.
Crude oil and natural gas are Azerbaijan's main sources of income."

https://www.rferl.org/a/azerbaijan-puts-four-top-banks-under-temporary-administration/30581585.html

[Azad]

"The currency’s hard peg to the dollar could compound the economic cost of the crisis in Baku."

https://eurasianet.org/perspectives-...hange-rate-fix

[Azad]

"According to IMF data, Azerbaijan needs an oil price of around $53 per barrel to balance its budget.

https://oilprice.com/Latest-Energy-News/World-News/Oil-Price-War-Could-Wreak-Havoc-On-Eurasian-Economies.html

azeris need the price to be $53 per barrel to survive and it is selling for - $37.63 << That is MINUS

[Azad]

"Oil prices ended New York trading in the negative on Monday for the first time ever, as a supply glut forced traders to pay others to take the commodity. With space to store oil scarce, US benchmark West Texas Intermediate for May delivery ended trading at -$37.63 a barrel ahead of Tuesday's close for futures contracts"

https://finance.yahoo.com/m/60351089-a044-3a3b-8afe-88e36cb741ee/us-oil-prices-tumble-into.html

Crude Oil May 20 $-37.0000 $-55.2700 (-302.52%) OIL IS FREE you get paid to pick it up

[Vrej1915]

Ադրբեջանական նավթի գինը նվազել է մինչև 13 դոլար

Lragir.am,
20.04.2020







Նյու Յորքի Nymex բորսայում ադրբեջանական նավթի գինը նվազել է ավելի քան դոլարով և այժմ վաճառվում է մեկ բարելի դիմաց 12.97 դոլարով: Այս մասին հայտնում է Ազերթաջ գործակալությունը:

[Azad]

Crude Oil May 20
Currency in USD Add to watchlist $11.40 -$6.87 (-37.60%)

[Azad]

"Chevron is selling off its investment in the oil-rich former Soviet Union nation of Azerbaijan"

https://www.fool.com/investing/2020/04/16/chevron-exits-azerbaijan-in-16-billion-deal.aspx

[Azad]

Oil hits US$5. Why pumps will stay open if prices turn negative

"A barrel of Canadian oil is now worth less than a nice latte or a fast food combo, falling to about US $5 on Friday."

https://finance.yahoo.com/news/oil-hits-us-5-why-pumps-will-stay-open-when-prices-turn-negative-172104653.html