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Saudi Arabia to increase oil production in coming months

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Saudi Arabia plans to increase oil production in the coming months, Report says, citing Dow Jones.

In early January, Saudi Arabia voluntarily pledged to reduce oil production by 1 million barrels per day (BPD) in February-March to support prices. However, now that oil is trading at the highest levels in more than a year, Riyadh will abandon the cuts and intends to announce it during the meeting of OPEC countries, which will be held next month, sources told Dow Jones.

According to them, the increase in production will not happen until April, given that Saudi Arabia has already committed to reducing it by the end of March.

Dow Jones sources also note that the kingdom's plans may change if market conditions change. Therefore, the representatives of Saudi Arabia have not yet communicated their intentions to the OPEC states.

"At that time, we were able to meet face to face as we were in the early phases of this crisis, which the World Health Organization (WHO) later declared a pandemic.

"Who would have thought at the time that after a year, we would meet remotely instead of meeting at the headquarters of the IEF in Riyadh," he said while pointing out that this shows how it was impossible to anticipate the events.

"You will remember that in my speech during the meeting last year, I warned about the potential impact of this pandemic on the oil market and stressed the need for vigilance and action.

OPEC+ ministers will hold a regular meeting on March 4 to decide on production levels from April 2021.

As of 14.15 (Baku time), the price of April futures for Brent North Sea oil blend rose by 0.25%, to $64.5 per barrel, and March futures for WTI-by 0.26%, to $61.3 per barrel.

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New CEO appointed to Azercell Telecom

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Zarina Zeynalova has been appointed Chief Executive Officer of Azercell Telecom LLC, Report informs.

Zarina Zeynalova holds a post-graduate diploma in People Management & Development from Nottingham Trent University in the UK. She is a Fellow Member of the Chartered Institute of People Management and Development (CIPD). She is a graduate of the Executive Management Development Program at Texas A&M University, USA. She holds a B.Sc. degree from Azerbaijan Medical University.

Z. Zeynalova has over 25 years of professional experience in management and organizational development across multiple geographies of the world. For 20 years she has held various management positions in BP offices in Azerbaijan, UK, and the US. She also held senior management positions at PricewaterhouseCoopers (PwC) and Pasha Construction Group.

Note that the former head of Azercell Telecom LLC, Vahid Mursaliyev left his post due to the expiration of his contract.

The main priority of the new CEO of Azercell will be to ensure a leading position in the field of digital transformation in Azerbaijan, along with the development of the communication activities of Azercell.

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Oil prices go up 

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The oil prices, which fell this afternoon, rose again during the evening auctions.

Report informs that Brent crude for June delivery went up 0.12 percent to $66.86 a barrel, WTI June crude futures surged 0.22 percent to $63.33, while May futures climbed 0.17 percent to $63.24 a barrel.

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WHO extends emergency mode due to coronavirus

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The World Health Organization (WHO) has extended the global emergency regime due to the COVID-19 pandemic for another three months.

The decision was made after the Committee on Emergency Situations of the WHO International Health Regulation (IHR) discussed the situation at the 7th meeting.

"The WHO Director-General accepted that the COVID-19 pandemic still remains a Public Health Emergency of International Concern (PHEIC) and agreed with the committee's recommendations," the statement reads.

So far, 142 million people worldwide have been infected with the coronavirus, and more than 3 million of them have died.

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