Azeri Light price hits $35.09
The price of oil rose on the world markets. Cost of the US Light crude oil increased $2.17 to stand at $31.83 on the New York Stock Exchange NYMEX. Price of the Brent crude oil at the London ICE (InterContinental Exchange Futures) rose $2.32 to trade at $34.71.
SOCAR Marketing and Economic Operations Department reported that the price of a barrel of Azeri Light crude oil increased $1 to stand at $35.09 on the world markets.
Meanwhile, Iranian media reported that six members of the OPEC have agreed to hold an urgent meeting.
After a meeting with his Iranian counterpart Bijan Namdar Zanganeh, Venezuela's oil minister Eulogio del Pino said that Russia also support an urgent meeting between OPEC members to cut production level to push the prices up.
Venezuela's oil minister has started a round of trips to major oil producers to convince them to decrease production level in order to raise the prices.
According to the International Energy Agency (IEA), the global oil production reached 96.31 mbpd, while demand was 94.47 mbpd in 2015. Huge amount of oil glut has pushed the prices down, from $108 in the first half of 2014 to the current $35.
The latest OPEC monthly report, released on January 18, indicates that the cartel has decreased oil production by 210,000 barrels per day in December, month-to-month to 32.182 mbpd.
In 2016, the demand for OPEC crude is forecasted at 31.6 mbpd, some 1.7 mbpd higher than the previous year.
OPEC will hold an ordinary meeting on June 2.
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