Azeri Light price hits $54.77
The price of oil rose in the world markets. On NYMEX (New York Mercantile Exchange) cost of the US light crude oil increased $0.45 to stand at $51.81. Price of the Brent crude oil at the London ICE (Intercontinental Exchange Futures) rose $0.49 to trade at $54.45.
The price of a barrel of Azeri Light crude oil increased $0.20 to stand at $54.97 on the world markets.
OPEC and non-OPEC countries will hold a meeting in Vienna on May 25 to make a final decision on extension of the oil output cut deal reached in 2016.
In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.
Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from Jan. 1, 2017 for six months, extendable for another six months.
OPEC agreed to slash the output by 1.2 million barrels per day from January 1.
The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day.
----
Follow us on Twitter @AzerNewsAz