Crude prices rise on world markets
The price of oil rose in the world markets.
On the New York Stock Exchange NYMEX (New York Mercantile Exchange) cost of the US Light crude oil increased $1.31 to stand at $37.74. Price of the Brent crude oil at the London ICE (InterContinental Exchange Futures) raised $1.25 to trade at $37.70.
The Marketing and Economic Operations Department of SOCAR reported that the price of a barrel of Azeri Light crude oil increased $0.54 to stand at $37.47 on the world markets.
Azerbaijan produces three grades of crude oil—the SOCAR-produced barrels, Azeri BTC, and Azeri Light. The country's main export crude oil streams are Azeri BTC and Azeri Light. These two grades are fairly similar and are mainly sold to European and Asian markets.
SOCAR produces about 20% of the country's oil output. The company is responsible for exploration and production of oil and natural gas in Azerbaijan, operating the country's two refineries, running the country's pipeline system, and managing the country's oil and natural gas imports and exports.
Azerbaijan has produced 38.32 million tons of oil and gas condensate in January-November 2015, or 0.5 percent less than in the same period in 2014, the State Statistical Committee reported.
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