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Azeri Light crude sells for $57.46

21 February 2017 11:24 (UTC+04:00)
Azeri Light crude sells for $57.46

The price of a barrel of Azeri Light crude oil increased by $0.75 to stand at $57.46 on the world markets, Azertac reported.

On NYMEX (New York Mercantile Exchange) cost of the US light crude oil rose $0.25 to trade at $53.65. Price of the Brent crude oil at the London ICE (Intercontinental Exchange Futures) decreased $0.02 to stand at $56.16.

Energy-rich Azerbaijan produces three grades of crude oil - Azeri BTC, Azeri Light, and Urals.

The Azerbaijani Energy Ministry revised its forecast for oil output, following the struck of the first since 2001 deal between OPEC and non-OPEC states to curtail oil output jointly.

The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day and the country has already fulfilled its commitments and brought the production to the required level from the first days of 2017

Prior to the landmark deal, the volume of production in the country was at the level of 37.72 million tons of oil, while daily output was at 829,100 barrels. Oil production of the country in 2017 is forecasted to stand at 39.797 million, while average daily oil production will amount to 800,000-807,000 barrels

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