Azerbaijan

Azerbaijan and Kazakhstan are going over increasing the transit of Kazakh oil through Azerbaijan to 57 million tonnes, an official at Azerbaijan's. stateowned oil business SOCAR said on Thursday. Kazakhstan is attempting to decrease reliance on Russia with. regard to its energy exports, as most of Kazakhstan's flow of. 1.5 million barrels daily or 1.5% of worldwide supply go by means of. various Russian pipelines. We are presently performing negotiations with the Kazakh. side about increasing oil transit from this country to 5-7. million tonnes, stated Zaur Gakhramanov, an advisor to SOCAR's. president. Azerbaijan plans to open an oil terminal...

U.N. SecretaryGeneral António Guterres stated Wednesday that countries need to face not just the fossilfuel industry, however likewise companies that support efforts to obstruct climate action. The U.N. chief, a long time critic of oil and gas companies' function in driving environment change, called the market out for spending billions on distorting the fact, deceiving the public, and sowing doubt about environment change, while investing just a meager 2.5% of its total capital on clean energy alternatives. He went further in a speech at the American Museum of Nature in New york city, criticizing banks along with media and public...

Hungarian stateowned energy corporation MVM will buy a 5% stake in Azerbaijan's Shah Deniz gas field, it said in a statement on Wednesday. Hungary, a landlocked nation, has been importing natural gas primarily from Russia even after its intrusion of Ukraine in 2022, which led many European nations to look for option sources of energy materials. Obtaining a stake in this gas field offers us (Hungary) a. defense from big energy cost swings, Hungarian Foreign. Minister Peter Szijjarto stated previously in the day in Baku during. a joint press conference with his Azeri counterpart, revealing. the acquisition. As Azerbaijan is...

Turkey and Azerbaijan have actually agreed to extend their natural gas supply agreement, due to end at the end of this year, till 2030, and to provide Turkmen gas to Turkey, Turkish Energy Minister Alparslan Bayraktar said on Tuesday. The extended Azerbaijan-Turkey gas deal covers the delivery of 3.5 billion cubic metres (bcm) of natural gas per year to Turkey until 2030, a SOCAR official told in Baku. In addition to the accord in between Turkey's state gas grid operator BOTAS and the Azeri gas supply business, 4 contracts were signed between BOTAS and Azerbaijan's state oil company SOCAR for...

A helicopter carrying Iranian President Ebrahim Raisi and his foreign minister crashed on Sunday as it was crossing mountain terrain in heavy fog, an Iranian authorities told , and rescuers were struggling to reach the website of the incident. The official stated the lives of Raisi and Foreign Minister Hossein Amirabdollahian were at danger following the helicopter crash, which occurred en route back from a visit to the border with Azerbaijan in Iran's northwest. We are still enthusiastic however information coming from the crash site is very concerning, the authorities informed , speaking on condition of anonymity. State TV estimated...

Urals petroleum differentials firmed to outdated Brent on Friday in the middle of softer freight rates for the grade's shipments to Asia. Urals differentials to outdated Brent in northwest Europe firmed by some 70 cents per barrel to discounts above minus $13. per barrel, computations reveal. Discounts for 140-tonne Urals cargoes in the Mediterranean. have actually narrowed by some 25 cents and stand above minus $10 per. barrel to Brent. Freight rates for Aframax ships, which usually fill some. 720,000 barrels of Urals crude in Primorsk or Ust-Luga for a. one-way trip to Indian ports, alleviated to average some $7...

Urals petroleum differentials to outdated Brent were stable once again on Thursday, while CPC Blend oil differentials firmed amid enhanced need from refiners in Europe, traders said. CPC Blend remained less expensive than regional alternatives in the Mediterranean, while European refiners had an interest in purchasing June cargoes of petroleum as the spring upkeep season ended, traders stated. Caspian Pipeline Consortium (CPC), the export path for CPC Mix, increased oil products in January-April by 4% from the very same duration a year previously to 22.715 million metric lots (1.44. million barrels per day), 2 industry sources said on Monday. PLATTS...

Azerbaijan, host of this year's U.N. environment modification talks, hopes to update its emissions reduction target in time for the occasion, the inbound president of the COP29 summit stated on Thursday. Azerbaijan's economy relies on oil and gas, and its existing target - to cut greenhouse gas emissions 35% by 2030 and 40% by 2050 versus 1990 levels - is far except the net zero level scientists state the world must reach by 2050 to avoid the worst impacts of environment change. Mukhtar Babayev, minister of ecology and natural deposits, stated his previous Soviet country had actually started preparations to...

Urals crude differentials to outdated Brent were steady on Tuesday, while Russia added 2 more oil freights to its packing strategy from western ports in March, enhancing overall crude exports by a total of 13% from the preliminary strategy due to a fall in processing. * The nation will export a total of 2.22 million barrels each day (bpd), up from the preliminary strategy of 1.96 million bpd after adding 2 730,000-barrel Urals oil freights on top of additions made earlier. * Oil prices rose to multi-month highs for the 2nd directly session on Tuesday, as traders assessed how Ukraine's....

Urals unrefined differentials to dated Brent were unchanged on Wednesday, while more Russian oil refineries were attacked by drones. * Ukraine's SBU security service performed drone attacks on 3 Russian oil refineries in Ryazan, Kstovo and Kirishi overnight as part of a technique to reduce Russia's financial potential, a Ukrainian source informed on Wednesday. * Russia's Ryazan oil refinery shut down two primary oil refining units on Wednesday after a fire brought on by a drone attack, two sources familiar with the situation informed . * An unexpected decline in Russian oil refining may lead to top ups to Russia's...

Urals unrefined differentials were unchanged to outdated Brent on Tuesday, while output on Kazakhstan's huge Kashagan oil field was down. Output at the Kashagan oil field fell to 30,342 metric loads on April 1 from 52,390 tons a day previously, two sources familiar with the data informed on Tuesday. Oil from the Kashagan field is provided to the Caspian Pipeline Consortium (CPC) system, so the decrease in its output may result in lower CPC Blend oil exports, traders said. PLATTS WINDOW * There were no quotes or deals for Azeri BTC, CPC Blend or Urals oil in the Platts window...

Urals crude differentials to outdated Brent firmed on Wednesday amid greater rates for the grade in India for cargoes filling early in March, traders said. * Urals discounts narrowed listed below $4 a barrel to outdated Brent on a delivered ex-ship (DES) basis in Indian ports, from minus $ 4-5 a barrel for February loading cargoes, they included. * Shipping costs from Baltic ports to India stood steady at around $7.5 million-$ 8 million per voyage. PLATTS WINDOW * There were no quotes or offers for CPC Blend, Azeri BTC or Urals oil in the Platts window on Wednesday. NEWS...

With U.N. climate talks dealing with complicated topics from energy policy to global monetary help, the annual top has actually established its own evergrowing lexicon. Here's a guide to some of the terms in play at this year's. COP29 discussions. UNFCCC: This acronym represents the United Nations. Structure Convention on Environment Modification, which is the name of. both the 1992 treaty dedicating almost 200 countries to eliminating. worldwide warming and the secretariat established to execute that. treaty. POLICE: This acronym means Conference of Parties, and. explains the yearly top of nations that have actually signed the. UNFCCC treaty. This year's...

Afghan Taliban authorities will participate in a major United Nations climate conference that starts next week, the Afghan Foreign Ministry stated on Sunday, the very first time they have actually gone to considering that the previous insurgents took power in 2021. The COP29 climate top in Azerbaijan's capital Baku will be amongst the highest-profile multilateral occasions attended by Taliban administration officials considering that they took control in Kabul after twenty years of combating NATO-backed forces. The U.N. has not permitted the Taliban to use up Afghanistan's seat at the General Assembly, and Afghanistan's. government is not formally recognised by U.N....

10s of thousands of people from around the globe will gather next week for COP29, the annual U.N. climate summit, in Azerbaijan's capital of Baku. However as each year's summit has actually produced its own set of pledges, plans and documents to chase after, the rationale for these conversations can be difficult to follow. Here's what you need to know about why police officer, brief for Conference of the Celebrations, matters: WHY DO WE HAVE A YEARLY POLICE OFFICER? Because climate modification will impact every nation, regardless of whether it contributed to the issue, it demands international solutions that can...

Taiwan has actually established a war room to see the live stream from next week's COP29 environment top provided it is not enabled to participate in for political factors, Environment Minister Peng Chiming stated on Friday. Democratically-governed Taiwan is omitted from practically all international bodies due to objections from China, which sees the island as its own territory not a country and claims the right to be able to speak for it on the global phase, a. position that irritates the government in Taipei. Talking to foreign media at his ministry in Taipei, Peng. said it was a shame that...

EU environment ministers settled on the bloc's working out position ahead of the police officer 29 United Nations environment top in Azerbaijan next month, a. council declaration said. Arbitrators will satisfy in Baku Nov. 11-22 to talk about a brand-new. environment financing objective to change wealthy nations' existing. commitment to offer $100 billion a year to developing. countries. Ministers fulfilled in Luxembourg on Monday to hash out the. last version of their position. Susceptible and developing countries desire a far bigger. funding goal however the EU and Canada have stated a large jump in. public funding was unrealistic. The council...

With less than three months up until this year's COP29 UN climate settlements, nations stay far from agreement on the top's biggest job: to concur a new funding target to help establishing countries deal with climate change. A negotiations document published by the U.N. climate body on Thursday set out the splits between countries, ahead of a. meeting in Baku next month, where mediators will attempt to. inch forward some of the stickiest issues. The document recommends 7 choices, showing countries'. completing positions, for a possible COP29 offer. The brand-new target. will replace wealthy countries' present dedication to supply $100....

Azeri President Ilham Aliyev on Monday discussed with Russian President Vladimir Putin his issue over what he said was the devastating shrinking of the Caspian Sea, and stated that the two had consented to analyse the situation. The Caspian Sea, the largest inland body of water in the world, lies between Azerbaijan and Kazakhstan, with Russia to the north and Iran and Turkmenistan to the south. The Caspian's water levels, which have actually varied dramatically during the last century, have actually been falling since the mid 1990s, clinical studies have actually found. From the window of the room in which...

Azerbaijan, host of this year's U.N. climate top, will protect the right of oil and gas producing countries to buy the sector, the country's. president stated on Friday, noting that despite environment targets,. fossil fuel demand remains strong. As the host of the United Nations COP29 environment summit in. November, Azerbaijan will supervise negotiations among nearly 200. nations on how to raise more finance to fight climate modification. and reduce the greenhouse gas emissions heating up the planet. As the head of the nation which is abundant with fossil fuels,. obviously, we will protect the right of these countries to....

The European Union is set to call for the nonrenewable fuel source industry to assist pay for fighting environment modification in poorer nations under a United Nations target, a draft file programs, as nations prepare for talks this year on a worldwide finance objective. This year's U.N. environment settlements in Baku, Azerbaijan, in November, are the due date for nations to concur a brand-new goal of how much rich, industrialised nations need to pay poorer ones to adapt to the most serious impacts of a hotter world. Given the spiralling costs of fatal heatwaves, droughts and rising sea levels, the...