The price of a barrel of Azeri Light crude oil increased $.0.85 to stand at $56.51 on the world markets.
On NYMEX (New York Mercantile Exchange) cost of the US Light crude oil decreased $0.10 to stand at $49.06. Price of the Brent crude oil at the London ICE (Intercontinental Exchange Futures) fell $0.16 to trade at $54.04, Azertac reported.
Energy-rich Azerbaijan produces three grades of crude oil - Azeri BTC, Azeri Light, and Urals.
Daily oil production in Azerbaijan amounted to 734,800 barrels in August, 704,000 barrels of which were crude oil and 30,800 barrels-condensate. 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 stood at 829,100 barrels.
The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day.
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