Azeri Light price ups
The price of a barrel of Azeri Light crude oil increased by $1.01 to stand at $56.39 on the world markets.
On NYMEX (New York Mercantile Exchange) cost of the US light crude oil increased $0.09 to stand at $52.34. Price of the Brent crude oil at the London ICE (Intercontinental Exchange Futures) rose $0.07 to trade at $55.17.
The minimum price of Azeri light was recorded in December 2001 ($19.15), while the maximum price was fixed in July, 2008 ($149.66).
The country earlier revised its forecast for oil output to bring the volumes in line with the landmark deal reached between OPEC and non-OPEC states to put ceilings to production.
Azerbaijan plans to produce some 39.797 million tons of oil in 2017, while the figure is 3.7 percent lower than the index of 2016. Average daily oil production will amount to 800,000-807,000 barrels in 2017 (in line with Vienna accord), while the daily output for 2016 stands at 842,000 barrels.
Azerbaijan holds 0.4 percent of the world’s total proven oil reserves, and produce 1 percent of the world’s oil total output according to the BP Statistical review of World Energy 2015.
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