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11 working groups to assess damage caused to Azerbaijan

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In general, 11 working groups have been established in Agdam, Agjabadi, Beylagan, Barda, Tartar, Fuzuli, Jabrayil, Goranboy, Naftalan, Ganja, Mingachevir regions, and cities. Considering the scale of the damage in the Tartar region, three working groups have been formed.

Report informs the head of the press service of the Cabinet of Ministers Ibrahim Mammadov said.

According to him, the working groups will assess the damage to civilians, state property, and business entities. They will also submit proposals to the Commission by December 10, 2020, on the funds required to eliminate damage, full restoration of damaged facilities, and the implementation of repair and construction work.

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Azeri Light oil price nears $ 49

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Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 0.50 (+1.03%), settling at $ 48.88 per barrel, Report says.

The lowest price for Azeri Light was recorded on April 21, 2020 ($ 15.81), and, in July 2008, the all-time high was $ 149.66.

Since pharmaceutical companies started announcing vaccine breakthroughs three weeks ago, the oil market has seen the gloom from the soaring coronavirus cases turn into optimism that vaccine availability would help global economic recovery and a rebound in oil demand at some point next year.

Hedge funds and other money managers have been net buyers of the most important petroleum futures and contracts since November 9, when Pfizer and BioNTech started the race to take vaccines to approval within weeks and to people within months.

At the end of the most recent reporting week to November 24, portfolio managers held the most bullish overall position in oil in three months—since the end of August, suggesting that the market hopes that vaccines will help global oil demand.

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OPEC+ plans gradual recovery of production volumes

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OPEC+ discussions on the deal parameters from 2021 now boil down to proposals for a gradual easing of the decline in oil production over several months..

According to Report, it was reported to Bloomberg by one of the delegates of the Alliance.

"OPEC + discussions are now focusing on proposals to ease production cuts over several months gradually," the delegate said. However, he did not disclose the terms and parameters of a possible easing.

Notably, now OPEC+, according to the deal that started in may, reduces oil production by 7.7 million barrels per day. It is further assumed that from January 2021 to the end of April 2022, OPEC+ will reduce oil production by 5.8 million barrels per day. The Alliance is thinking of postponing this step for some time, but there is no consensus yet.

After a two-day break following an inconclusive OPEC meeting, the OPEC+ countries will meet again at the negotiating table on December 3 via videoconferencing. Members of the Alliance must finally decide on the deal's parameters to reduce production for 2021.

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Former French President dies of coronavirus

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Ex-President of France Valery Giscard d'Estaing passed away at the age of 95, Report informs, citing Europe 1 radio station.

According to the news, in mid-November, the politician was hospitalized. Thus, the former head of state died of a COVID-19.

The Elysee Palace or family members of Valerie Giscard d'Estaing has not yet confirmed his death.

Giscard d'Estaing was President of France from 1974 to 1981.

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