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Saxo Bank forecasts oil price in 1Q21     

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Brent crude oil in the first quarter of 2021 will be trading at $50-55 per barrel against the background of low demand due to the COVID consequences, Report informs referring to Saxo Bank forecast.

Crude oil’s strong vaccine-led rally since early November has taken Brent crude oil back above $50 per barrel, and the foundation for higher prices later in the year has been established, economy experts noted.

With global oil demand still running close to 6 million barrels/day below pre-pandemic levels, we do not see a material upside risk to oil prices before 2022 or even 2023. On that basis, we see Brent crude oil trading steady in the mid to low 50s during the quarter, they said.

In General, Saxo Bank noted that a weak USD, vaccine-led recovery in global demand, and emerging weather worries set the stage for a commodity supercycle.

We expect the broad commodity rally that saw the Bloomberg Commodity Index rise by 10% during the last quarter to extend further into 2021, driven by multiple tailwinds from tightening supply and a global market flushed with cash, says Ole Hansen, head of Commodity Strategy at Saxo Bank.

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FAO launches project to solve irrigation problem in Azerbaijan

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The Food and Agriculture Organization of the United Nations (FAO) and the Ministry of Agriculture of Azerbaijan are launching a new project on water shortages in the agricultural sector, the FAO Partnership and Coordination Office in Azerbaijan told Report.

According to the information, a presentation of the project is planned to be held soon: "The project will study the current situation in the field of irrigation systems in Azerbaijan and submit proposals to the Azerbaijani government to improve management systems in this area. It aims to achieve water management and efficient use in agriculture.

"As FAO's Partnership and Coordination Office in Azerbaijan, we are currently successfully implementing more than 15 projects in the fields of agriculture, fisheries, and natural resources management," the statement said.

FAO has been cooperating with Azerbaijan for more than 20 years. In 2015, the FAO established Partnership and Coordination in Azerbaijan.

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Hulusi Akar supports OSCE mission in Ukraine

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Turkish National Defense Minister Hulusi Akar met with the Turkish delegation of the Organization for Security and Cooperation in Europe (OSCE) special observation mission in Ukraine, Report informs, citing Turkish MoD.

Akar stressed his support for the OSCE special observation mission in Ukraine and received information on the group's activities.

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Turkish specialists to shoot documentary in Karabakh

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Azerbaijan Television and Radio Broadcasting Closed Joint-Stock Company, and the Sivas Cumhuriyet University of Turkey have signed a cooperation protocol, Report informs, citing AzTV.

According to the document, specialists of Sivas Cumhuriyet University will conduct online training for students of the CJSC TV and Radio Academy, journalists, and technical staff working in the field of media in Azerbaijan.

The training scheduled for March 8-19, 2021, will be conducted by the University's Permanent Training Center under the coordination of the Journalism Faculty of Sivas Republic University.

Participants who complete the training program will be awarded certificates.

A creative group consisting of specialists from Sivas Cumhuriyet University and AzTV employees plans to make a documentary in the Karabakh region.

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