Oil prices fall on world markets
Oil prices continue falling on the world markets.
On NYMEX (New York Mercantile Exchange) cost of the US Light crude oil decreased $1.33 to stand at $46.77. Price of the Brent crude oil at the London ICE (InterContinental Exchange Futures) fell $0.91 to trade at $49.05.
The price of a barrel of Azeri Light crude oil decreased $1.23 to stand at $49.81 on the world markets.
Energy-rich Azerbaijan produces three grades of crude oil - Azeri BTC, Azeri Light, and Urals. Azerbaijan exports not only crude oil, but also petroleum products. The only producer of oil products is SOCAR, which owns Baku Oil Refinery named after Heydar Aliyev.
Some 24.7 million tons of oil and gas condensate was extracted in the country in January-July 2016. The index is 0.7 percent higher than the rate fixed in the same period of 2015. The country extracted 41.69 million tons of oil and gas condensate in 2015, as against the volume of 41.9, extracted a year earlier.
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