Oil prices rose over 1% on Wednesday to hit their highest in nearly a month as widely-watched data showed U.S. crude stockpiles fell more than expected, underpinning a market already buoyed by worries over potential U.S.-Iran conflict, Trend reports citing Reuters.

The price of the AZERI LT CIF oil produced at Azeri-Chirag-Gunashli block of oil and gas fields amounted to $65.51 per barrel at Italian port of Augusta on June 24, which is $1.25 less than on June 21, a source in Azerbaijan's oil and gas market told Trend.

Baku and Moscow are aimed at expanding energy cooperation.

Azerbaijani Minister of Energy Parviz Shahbazov took part in the 6th Future Leaders Forum of the World Petroleum Council held with organizational support from the World Petroleum Council and the Russian Ministry of Energy in St. Petersburg, Russia, Trend reports referring to the Azerbaijani Energy Ministry on June 24.

The high level of fulfillment of countries’ commitments under OPEC+ had a positive impact on the world oil market and oil prices.

Oil prices rose on Monday to extend gains from last week, bolstered as tensions remain high between Iran and the United States after U.S. Secretary of State Mike Pompeo said “significant” sanctions would be announced on Tehran, reports Trend citing to Reuters.

Azerbaijan considers it necessary to extend the OPEC + deal, and under the same conditions, Azerbaijan’s Energy Minister Parviz Shahbazov told reporters on the sidelines of the Future Leaders Forum of the World Petroleum Council in St. Petersburg, Trend reports with reference to TASS news agency.

Oil prices climbed on Monday as tensions remain high between Iran and the United States, with U.S. Secretary of State Mike Pompeo saying “significant” sanctions on Tehran would be announced, Trend reports citing Reuters.

Average price of AZERI LT CIF extracted at Azerbaijan's Azeri-Chirag-Gunashli block of fields was $64.68 per barrel on June 17-21, or $0.37 more than the previous week, Trendreports.

The price of the AZERI LT CIF oil produced at Azeri-Chirag-Gunashli block of oil and gas fields amounted to $66.76 per barrel at Italian port of Augusta on June 21, which is $1.05 more than on June 20, a source in Azerbaijan's oil and gas market told Trend.

Azerbaijan and Ukraine consider the energy component in bilateral economic cooperation as a priority.

The price of the AZERI LT CIF oil produced at Azeri-Chirag-Gunashli block of oil and gas fields amounted to $63.47 per barrel at Italian port of Augusta on June 19, which is $0.64 less than on June 18, a source in Azerbaijan's oil and gas market told Trend.

Heydar Aliyev Baku Oil Refinery, which processes 21 out of 24 grades of Azerbaijan crude oil and 15 different petroleum products, including automotive gasoline, aviation kerosene, diesel fuel, black oil, petroleum coke, etc., is currently being modernized and reconstructed.

Equinor successfully cooperates with Azerbaijan in the development of such oil and gas fields as Azeri-Chirag-Gunashli (ACG), Karabakh, Ashrafi, Dan Ulduzu and Aypara.

Oil prices rose nearly 2% on Thursday on signs of improving demand in the United States, the world’s biggest crude consumer, and as OPEC and other producers finally agreed to a date for a meeting to discuss output cuts, reports Trend citing to Reuters.

The price of the AZERI LT CIF oil produced at Azeri-Chirag-Gunashli block of oil and gas fields amounted to $64.11 per barrel at Italian port of Augusta on June 18, which is $0.76 more than on June 17, a source in Azerbaijan's oil and gas market told Trend.

SOCAR Turkiye Dogalgaz Yatirim company has been established after SOCAR Turkey acquired EWE Turkey Holding’s gas assets Bursagaz, Kayserigaz, Enervis, EWE Enerji and telecommunications company Millenicom, and head of the company has been appointed, Trend reports citing Turkish media.

Azerbaijan state oil company SOCAR is continuing expansion of its network of filling stations throughout Azerbaijan.

Azerbaijan increased oil, gas and electricity exports in the first five months of this year; however the export of oil products decreased.

The price of the AZERI LT CIF oil produced at Azeri-Chirag-Gunashli block of oil and gas fields amounted to $63.35 per barrel at Italian port of Augusta on June 17, which is $0.86 less than on June 14, a source in Azerbaijan's oil and gas market told Trend.

Cooperation between Azerbaijan’s state oil company SOCAR and Honeywell Performance Materials and Technologies (Honeywell PMT) group of companies has been discussed in Baku.

Gas extracted in the Azerbaijani section of the Caspian Sea by international consortium led by BP as part of the Shah Deniz Stage 2 project has reached, along the Trans-Anatolian Natural Gas Pipeline (TANAP), the borders of Turkey with Greece, Azerbaijan’s state oil company SOCAR has said in a message.

About a billion cubic meters of natural gas is planned to be extracted from the Umid field this year, Azerbaijan’s state oil company SOCAR told Trend.

The final approval has been reached in the SOCAR Turkey acquisition of German EWE's subsidiaries, Trend reports citing SOCAR.

The interconnection Bulgaria – Serbia, through which Serbia will be able to receive Azerbaijani gas, should be put into operation in 2022.