Minister comments on oil price set in Azerbaijani 2013-state budget

The oil price worth $ 100 per barrel fixed in the State Budget for 2013 reflects the world market situation and does not cause risks, Azerbaijani Finance Minister Samir Sharifov said while discussing the draft budget-2013 at a meeting of five parliamentary committees today.

"The oil price fluctuates, but, in general, it is at a relatively stable level," he said. "We see no serious risk that may arise while selling oil on international markets."

He added that this figure can not be a threat to SOCAR's revenues as the company receives most revenues from selling the products in the domestic markets in local currency.

On Nov.5, the price of AZERI LT CIF Augusta was $107.75 per barrel, or $0.79 per barrel less, compared to the previous price, according to the State Oil Company of Azerbaijan (SOCAR), which has produced Light Oil since 1997.

Azeri Light oil is produced from the Azeri-Chirag-Gunashli offshore fields, which is developed under BP's operations. It is directly delivered to the Turkish port of Ceyhan via the Baku-Tbilisi-Ceyhan main export oil pipeline, to the Georgian port of Supsa via the Baku-Supsa pipeline.

AZERI LT FOB Ceyhan oil price was $106.96 per barrel on Nov.5, or $0.76 per barrel less than the previous price.

Azerbaijan exports URALS oil from the Novorossiysk port, which is delivered via the Baku-Novorossiysk pipeline.

The price of URALS (EX-NOVO) was $103.97 per barrel on Nov.5, or $1.09 per barrel less than the previous price.

The price of Brent Dated, produced from the North Sea, was $106.05 per barrel, $0.76 per barrel less than the previous price.


/Trend/