Azeri Light price hits $56.21
Oil prices continue to rise on the world markets.
On NYMEX (New York Mercantile Exchange) cost of the US light crude oil increased $0.43 to stand at $53.18. Price of the Brent crude oil at the London ICE (Intercontinental Exchange Futures) rose $0.21 to trade at $55.44.
The price of a barrel of Azeri Light crude oil increased $0.11 to stand at $56.21 on the world markets.
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 forecast for oil production in 2017 stands at 39.797 million, which is 3.7 percent lower than the index fixed in 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. Gas production in the country is expected to stand at 28.39 billion cubic meters (bcm) by the end of 2017, the volume is down by 2.9 percent than the figure of 2016.
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