The State Oil Company of Azerbaijan (SOCAR) and French company TOTAL have discussed development of the Aghseron gas field in the Azerbaijani part of the Caspian Sea.

Azerbaijan’s petroleum and other liquids production will stand at 0.75 million barrels per day in 2020, as compared to 0.79 million barrels per day in 2019, the US Energy Information Administration (EIA) said in its April Short-term Energy Outlook (STEO), Azernews reports.

As of March 2020, daily oil production in Azerbaijan amounted to 763.9 thousand barrels, Azerbaijan's Energy Ministry announced on April 8.

The price of Azeri LT CIF Augusta, produced at the Azeri-Chirag-Deepwater Gunashli (ACG) oil field amounted to $23.97 per barrel on April 8, which is $0.49 more compared to April 7, Trend reports with reference to the country's oil and gas market.

The State Oil Company of Azerbaijan Republic (SOCAR) plans to send a new batch of oil to Belarus in April, local media reported.

Seven working groups set up under the leadership of relevant structures in the spheres of activity of the commission created to fulfill the tasks arising from the Azerbaijani president’s order N1673 dated December 5, 2019 "On measures for the implementation of pilot projects in the field of use of renewable energy sources" continued their activity during the first quarter of 2020, Trend reports referring to the Azerbaijani Ministry of Energy.

The Pipeline Receiving Terminal (PRT) of the Trans Adriatic Pipeline (TAP) in the municipality of Melendugno, Italy, 8.2 km away from the coast, is 83 percent complete, Trend reports with reference to the updated data of TAP AG consortium.

Azerbaijani Ministry of Taxes registered SOCAR-STP LLC, which was jointly established by SOCAR and Sumgait Technology Park (STP) LLC, on April 3, Trend reports.

Expenditures of Azerbaijan’s State Oil Fund of Azerbaijan (SOFAZ) are forecasted at the level approved in the annual budget, and in this context, it is expected that funds in the amount of about $4 billion will go on sale through auctions, SOFAZ told Trend on April 6.

Dissemination of news about negotiations between the US, Saudi Arabia and Russia on stabilizing oil prices on energy exchanges leads to an increase in Brent oil prices, which are currently trading at $34 per barrel, Trend reports with reference to the weekly report of the Azerbaijani InvestAZ investment company CJSC.

In the first quarter of 2020, the revenues of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) amounted to $2 billion 219 million, the fund revealed in its official website on April 6.

Azerbaijan’s participation in the upcoming OPEC meeting is good news for its citizens and business circles, Doctor of Economics, Professor of Russia’s St. Petersburg State University Stanislav Tkachenko told Trend.

The price of the AZERI LT CIF oil produced at the Azeri-Chirag-Gunashli block of oil and gas fields amounted $24.14 per barrel at the Italian port of Augusta on April 6, Trend reports referring to Azerbaijan's oil and gas market on April 6.

The new deal of OPEC+ will increase oil prices, which, in particular, is important for the influx of new investments in energy projects of Azerbaijan, analyst at the Russian National Energy Security Fund, expert at the Financial University under the Government of the Russian Federation, Igor Yushkov told Trend, commenting on the upcoming meeting of OPEC+ countries.

Slovenia sees Southern Gas Corridor as part of strenghtening EU's supply security, Minister of Economic Development and Technology Zdravko Počivalšek told Trend.

The meeting of ministers of OPEC+ countries has been postponed to April 9, 2020, Advisor to the Minister of Energy of Azerbaijan Zamina Aliyeva told Trend.

Azerbaijan’s State Oil Company SOCAR is not highly dependent on international crude oil prices, since the bulk of the oil produced directly by SOCAR is refined and sold domestically at an internal tariff, Ibrahim Ahmadov, Deputy Head of the public relations and events department at SOCAR, told Trend.

Azerbaijan is ready to contribute to the process of global regulation of the oil market by taking part in the planned meeting of the ministers of OPEC and countries outside the cartel in the format of a video conference for stabilizing the oil market, Trend reports with reference to the country's Ministry of Energy.

It is planned to introduce the first gas in the Trans Adriatic Pipeline (TAP) sections in Albania and then in Italy in coming weeks and months, Murad Heydarov Chairman of TAP Board of Directors, told local media.

Countries participating in the OPEC+ oil production limiting agreement should urgently hold an extraordinary meeting to reach a fair agreement on the oil market rebalancing, the Saudi Press Agency said on Thursday, Trend reports citing TASS.

As increasingly large swathes of the global economy grind to a halt, oil consumption will be dealt a heavy blow, Trend reports citing UK-based Capital Economics research and consulting company.

In January 2020, Azerbaijan exported 945.18 million cubic meters of gas from the Shah Deniz field to Turkey, which is 16.9 percent higher than the same period last year, local media reported citing Energy Market Regulatory Authority of Turkey on April 1.

Petkim petrochemical complex of Azerbaijan’s state oil company SOCAR in Turkey is focusing on raw material production for medical supplies amid COVID-19, Trend reports citing SOCAR Turkey.

A daily production of oil in Azerbaijan amounted to about 754,000 barrels from January through March 2020, Trend reports referring to the Ministry of Energy.

Global liquids surplus will hit hardest in crude sector, IHS Markit has reported.