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Saudi, Russia closing in on record oil cut deal

2020.04.09 19:46 GMT

OPEC and its allies held talks on Thursday on record oil output curbs of 15 million to 20 million barrels per day (bpd), or 15% to 20% of global supplies, to support prices hammered by the coronavirus crisis, OPEC and Russian sources said, Reuters reports.

Russia, Saudi Arabia 'very, very close' to agreement on cuts in oil output - Russian official

2020.04.09 18:03 GMT

OPEC members and other oil-exporting nations including Russia held talks on Thursday to try to put an end to the crude price war which began last month after exporters failed to reach an agreement on production cuts amid the global COVID-19-related economic downturn.

EU to support production of pomegranate in Azerbaijan

2020.04.09 16:12 GMT

Four EU grant agreements in the field of agriculture totaling about EUR 2 million have been registered by the Ministry of Justice of Azerbaijan.

Turkic Council to hold extraordinary summit on the initiative of the President of Azerbaijan Ilham Aliyev

2020.04.09 15:51 GMT

An extraordinary summit of the Turkic Council will be held on April 10 via video conference on the initiative of President of the Republic of Azerbaijan, Chairman of the Cooperation Council of Turkic Speaking States Ilham Aliyev.

World trade may decline by 32% in 2020 due to coronavirus pandemic - WTO

2020.04.08 17:38 GMT

World trade could decrease by as much as 32 percent this year as a result of the new coronavirus (COVID-19) pandemic, the World Trade Organization (WTO) said in a new report on Wednesday, according to Sputnik.

Azerbaijani minister: Adopted programs aim to preserve jobs, maintain economic activity

2020.04.08 16:16 GMT

A program of compensating for the damage caused to the entrepreneurs and their employees as a result of coronavirus has been launched in Azerbaijan, Azerbaijani Minister of Economy Mikayil Jabbarov said, Trend reports referring to the ministry.

Cabinet of Ministers: Medical masks not to rise in price in Azerbaijan

2020.04.08 15:12 GMT

Medical masks will not rise in price in Azerbaijan, Spokesperson for the Cabinet of Ministers Ibrahim Mammadov said.

Azerbaijan launches face mask production

2020.04.07 19:53 GMT

In most countries, there is a shortage of medical masks and other accessories due to the sharp increase in demand for these goods amid coronavirus spread, while the countries manufacturing these products, along with the suspension of export, also refuse to sell equipment for the production of these goods and raw materials.

President: The infrastructure available in Azerbaijan allows us the opportunity to succeed in organizing the necessary production in a short time

2020.04.07 20:47 GMT

"The production of medical masks and disinfectants once again shows that the infrastructure available in Azerbaijan allows us the opportunity to succeed in organizing the necessary production in a short time. It is no coincidence that this production enterprise was set up on the territory of the Chemical Industry Park in Sumgayit. This park was established on my initiative and many enterprises are already in operation here. They are making a great contribution to our non-oil economy," said President Ilham Aliyev as he appealed to the people of Azerbaijan.

Azerbaijan to issue payment to hired employees this week

2020.04.06 15:33 GMT

In order to prevent the reduction of the number of jobs in the areas affected by the pandemic, a mechanism has been developed to pay a certain part of the salaries of employees working on the basis of an employment contract.

Ministry of Energy: Azerbaijan is ready to contribute to process of global regulation of oil market

2020.04.04 15:50 GMT

“Azerbaijan is ready to contribute to the process of global regulation of the oil market by participating at the Ministerial Meeting of OPEC and non-OPEC countries to be held in video conference format to stabilize the oil market,” said the Ministry of Energy, according to AzerTag.

Azerbaijan's Energy Ministry: Ministerial meeting of OPEC and non-OPEC countries to be held on April 9 - UPDATED

2020.04.04 15:16 GMT

The ministerial meeting of OPEC and non-OPEC countries will be held on April 9, APA-Economics reports citing the Ministry of Energy.

List of countries with largest number visits to Azerbaijan

2020.04.03 19:41 GMT

426,100 foreigners and stateless persons from 149 countries visited Azerbaijan over Jan-Feb (by 17% more versus Jan-Feb 2019).

Azerbaijan sees significant increase in volume of bank deposits in national currency

2020.04.03 17:23 GMT

The total volume of deposits in Azerbaijan reached 24.9 billion manat ($14.6 billion) in late February 2020, which is 11.3 percent more compared to late February 2019, Trend reports referring to the Azerbaijani Central Bank (CBA).

Donations to Azerbaijan's Fund to Support Fight against Coronavirus increase

2020.04.03 15:11 GMT

Over 103 million manat ($60.5 million) has been transferred to Azerbaijan’s Fund to Support Fight against Coronavirus to date, Trend reports on April 3.

Saudi Arabia calls for urgent OPEC+ meeting to stabilize oil market

2020.04.02 19:43 GMT

Saudi Arabia called for an urgent OPEC+ meeting on Thursday in an attempt to stabilize the oil market during the coronavirus pandemic, Arab News reports.

Azerbaijan's Azerenergy reconstructing major strategically important substation

2020.04.02 18:34 GMT

Azerbaijan’s Azerenergy is carrying out reconstruction at 500-kilovolt Absheron substation, which is one of the largest and most vital substations in the country and which is completing its lifecycle since it was built 35 years ago, Trend reports referring to Azerenergy OJSC.

President gives tasks on payments to start this week

2020.03.31 18:30 GMT

President Ilham Aliyev has instructed Economy Minister Mikayil Jabbarov on the occasion of the launch of making payments this week without wasting time.

CAERC talks Azerbaijan's major anti-crisis program

2020.03.31 15:04 GMT

Azerbaijan’s anti-crisis program is ambitious enough and large-scale compared to other countries, Trend reports referring to Azerbaijan’s Center for Analysis of Economic Reforms and Communication (CAERC) Executive Director Vusal Gasimli.

Azerbaijani state to support payment of interest on business loans

2020.03.30 19:23 GMT

What makes the current crisis unique is that it is not an economic crisis, which is mentioned in theory and textbooks, said Azerbaijan’s Minister of Economy Mikayil Jabbarov, Trend reports.

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