The STAR refinery of the State Oil Company of Azerbaijan (SOCAR) in Izmir will process 8 million tons of crude oil by the end of this year, Report informs with reference to SOCAR Turkey Energy.

Within 2018, 38 million 213,900 tons of crude oil (including gas condensate) and 19 billion 161.6 million cubic meters of natural gas were produced in Baku.

Average price of AZERI LT CIF, extracted at Azerbaijan's Azeri-Chirag-Gunashli block of fields, was $54.3 per barrel on Dec. 24-28, or $3.74 less than the previous week.

The price of the AZERI LT CIF oil, produced at the Azeri-Chirag-Gunashli block of oil and gas fields, amounted to $73.83 per barrel at the Italian port of Augusta on Aug. 14, or $0.08 more than on Aug. 13, a source in Azerbaijan's oil and gas market told Trend Aug. 15.

STAR oil refinery in Turkey has received the first batch of crude oil for processing from Azerbaijan, SOCAR Turkey Enerji said in a message Aug. 3.

Azerbaijan’s total oil exports fell to 33 million tons in 2017 from 33.9 million tons a year earlier, Reuters reported quoting an official of the country’s state oil company SOCAR.

Roughly 2,237,140 tons of Azerbaijani oil was transported via the BTC main export pipeline in May 2017.

Oil prices rose on the announcement that Russia and Saudi Arabia want to extend the Vienna agreement to reduce oil production through the first quarter of 2018, RIA Novosti reported.

Azerbaijan’s energy giant SOCAR will additionally produce more than 4,000 tons of oil annually through commissioning of a new well in the Caspian Sea.

Azerbaijan, an energy-rich Caspian country, has presented its data on daily oil output for February 2017 to the OPEC Monitoring Committee.