Azerbaijan Supports Extension of OPEC Oil Output Freeze Agreement
By Natalia Konarzewska
July 31, 2017, the CACI Analyst
In late May, the member states of the Organization of the Petroleum Exporting Countries (OPEC) and several crude producers outside the cartel decided to extend the cuts in oil production by another nine months. This is a follow-up of agreement on the oil production freeze, introduced in November last year by major OPEC crude producers and several countries outside the organization to stabilize the plummeting oil prices and rebalance supply and demand in the crude market. Azerbaijan, which is not an OPEC member, decided to join the freeze deal and its May extension to break this downward spiral and mitigate the negative effects of the oil price on its budget revenues.
Azerbaijan and Kazakhstan Face Tough Economic Decisions amid Decreasing Oil Price
By Nurzhan Zhambekov (04/01/2015 issue of the CACI Analyst)
Azerbaijan and Kazakhstan face a tough year as oil prices plummet. A dramatic shift has occurred in the international oil market in recent months as oil supply has gone up, particularly with the U.S. oil production increase, and demand has weakened with the economic slowdown in China and the EU. Saudi Arabia, the world’s second largest oil producer, did not reduce its oil production despite the oil price decline, indicating that it would like to maintain its international oil market share. The precipitous decline in oil prices has resulted in a sharp fall in export revenues for Azerbaijan and Kazakhstan, the third and second largest oil producers respectively in the former-Soviet Union after Russia. This dramatic price drop has put the two countries’ currencies under severe pressure.
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Silk Road Paper Svante E. Cornell and S. Frederick Starr, Modernization and Regional Cooperation in Central Asia: A New Spring, November 2018.
Book S. Frederick Starr and Svante E. Cornell, ed., Uzbekistan’s New Face, Lanham, MD: Rowman & Littlefield, 2018.
Article Svante E. Cornell, “Turkish-Saudi Rivalry: Behind the Khashoggi Affair,” The American Interest, November 6, 2018.
Article Mamuka Tsereteli, “Landmark Caspian Deal Could Pave Way for Long-Stalled Energy Projects,” World Politics Review, September 2018.
Article Halil Karaveli, “The Myth of Erdoğan’s Power,” Foreign Affairs, August 2018.
Book Halil Karaveli, Why Turkey is Authoritarian, London: Pluto Press, 2018.
Article Svante E. Cornell, “Erbakan, Kısakürek and the Mainstreaming of Extremism in Turkey,” Current Trends in Islamist Ideology, June 2018.
Article S. Frederick Starr and Svante E. Cornell, “Uzbekistan: A New Model for Reform in the Muslim World,” Central Asia-Caucasus Analyst, May 12, 2018.
Silk Road Paper Svante E. Cornell, Religion and the Secular State in Kazakhstan, April 2018.
Book S. Frederick Starr and Svante E. Cornell, The Long Game on the Silk Road: US and EU Strategy for Central Asia and the Caucasus, Lanham, MD: Rowman & Littlefield, 2018.
Article Svante E. Cornell, “Central Asia: Where Did Islamic Radicalization Go?,” Religion, Conflict and Stability in the Former Soviet Union, eds Katya Migacheva and Bryan Frederick, Arlington, VA: RAND Corporation, 2018.