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Oil prices rise with hopes for demand rebound on easing coronavirus curbs

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Oil prices climbed on Friday as countries including Australia moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic, kindling market hopes for a boost in demand for crude and its products, Reuters reported.

Brent crude LCOc1 was up by 87 cents, or 3%, at $30.33 a barrel by 0630 GMT, having fallen nearly 1% on Thursday.

U.S. oil CLc1 gained $1.12, or 4.8%, to $24.67 a barrel, after a decline of nearly 2% in the previous session.

Both contracts are heading for a second week of gains after the lows of April, when U.S. oil crashed below zero, with Brent up around 15% for the week and WTI more than 24% higher.

However, crude is still being pumped into storage, raising the prospect that any gains prompted by stronger demand will be capped.

On the supply side, North American oil companies are cutting production quicker than OPEC officials and industry analysts expected and are on track to withdraw about 1.7 million barrels per day of output by the end of June.

Prices moved higher later in the session after U.S. and Chinese officials discussed a trade deal agreed earlier this year before the coronavirus outbreak, with both sides agreeing to implement the agreement.

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Armenian Aggression

Azerbaijani ‘Barda’ ferry ship repaired and put into operation

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By Trend

The repair of the Barda ferry ship, which belongs to the transport flotilla of Azerbaijan Caspian Shipping (ASCO) at the Zykh Ship Repair and Construction Yard, has been completed, Trend reports citing ASCO.

The body was welded, pipe-laying and electrical work, boiler and waterproof doors were repaired.

Moreover, the mechanical and electrical parts of deck cranes and locomotives have been adjusted.

The surface of the ferry and the carriage deck were cleaned and painted twice. The upholstery of sofas and armchairs were also repaired and replaced. After successfully completing sea trials, the ferry was put into operation.

The length of the Barda ferry is 154.5 meters, the width is 17 meters, and the maximum speed is 13.9 knots. The ferry has a capacity of 54 wagons.

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Azerbaijan reveals data on loans issued to farmers over 11M2020

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By Trend

Around 5,623 farmers and entrepreneurs received loans and incentives for agriculture from the Agrarian Credit and Development Agency of Azerbaijan from January through November 2020, the Ministry of Agriculture told Trend.

Over 65 million manat ($38.2 million) has been allocated to AKIA agricultural producers.

Of these funds, more than 32 million manat ($18.8 million) were issued as microcredits and loans for other purposes, 33.4 million manat ($19.6 million) as loans to finance agricultural machinery and livestock on favorable terms.

Of the loans issued, 20.6 million manat ($12.1 million) fell on microcredits. More than 2,200 farmers received microcredits.

At the expense of funds of the Agrarian Credit and Development Agency for agricultural lending and development under the Ministry of Agriculture, farmers are issued microcredits at 12 percent, cash loans, loans for agricultural and other purposes at 7 percent.

The state pays 60 percent of the cost of breeding livestock purchased by agricultural producers and 40 percent of the cost of equipment.

During the reporting period, the agency gave farmers more than 75.7 million manat in subsidies for the purchase of equipment and breeding livestock.

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Iran hopes for economic revival of Azerbaijan’s Nagorno-Karabakh – Vice President Jahangiri

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By Trend

Iran is ready to participate in the restoration of Azerbaijan's Nagorno-Karabakh region and the surrounding areas, Iran's First Vice President Eshaq Jahangiri said, Trend reports citing official website of the First VP.

He made the remark at the 19th meeting of the Prime Ministers of the Shanghai Cooperation Organization member countries.

The vice president stressed that in this regard, Iran can use its economic potential, especially in the area of energy and transit.

“Iran considers the security and stability of the region and neighboring countries as its security and stability, and welcomes the restoration of peace with relation to Nagorno-Karabakh,” he noted.

Jahangiri added that Iran expresses hope that the end of military confrontation in region will be beginning of economic revival.

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