By Fatma Babayeva
The price for Azeri light, crude oil that Azerbaijan sells to the world market via Supsa, Batumi and Ceyhan, has increased.
The price of Azeri LT CIF was $44.97 per barrel on April 13 after an increase by $1.50 or 3.45 percent per barrel rose.
The minimum price of Azeri light was observed in December 2001 ($19.15), while the maximum price was recorded in July, 2008 ($149.66).
That was the most positive figure for the energy rich country after long and considerable decline in crude rates at the world markets over the past six months at least. Azerbaijan received the core part of its budget income from oil revenues, which constituted almost 65 percent of the entire income. Fall in prices was the major reason for the government to redesign its budget, and reform it based on prices at $25 per barrel of oil.
Meanwhile, the price of WTI crude decreased by $0.32 to $41.85 per barrel in the New York Mercantile Exchange (NYMEX).
The cost of North Sea Brent fell by $0.14 to $44.55 per barrel in ICE Futures exchange in London.
The total oil output of the OPEC members stood at 32.38 million barrels per day in February, which is 175,000 barrels less compared to the production volume in January.
Azerbaijan holds 0.4 percent of the world’s total proven oil reserves, and produce 1 percent of the world’s oil total output according to the BP Statistical review of World Energy 2015.
Azerbaijan mainly exports its oil to the European markets via Baku-Supsa, Baku Novorossiysk and Baku-Tbilisi-Ceyhan pipelines.
Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva