IEA says oil ‘prices might have bottomed out’March 11, 2016 - 17:30 AMT PanARMENIAN.Net - The International Energy Agency said "there are signs that prices might have bottomed out" in the global oil market, according to the Associated Press. The Paris-based organization, which represents the world's major oil-consuming nations, said Friday, March 11, however that the recovery in crude prices in recent days from multi-year lows does not mean that there will be a significant and sustained rebound in the short-term. In its monthly oil market report, the IEA said supplies dropped in February by 180,000 barrels per day. But it also noted a sharp slowdown in demand growth, particularly in the United States and China. The international benchmark for oil was up 81 cents to $40.86 a barrel on Friday, having hit a low of $28.50 a barrel in January. The price was above $100 a barrel as recently as 2014. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. |