Azeri Light sells for $54.71

By Azernews

The price of oil changed in the world markets.

On NYMEX (New York Mercantile Exchange) cost of the US light crude oil decreased $0.29 to stand at $50.86. Price of the Brent crude oil at the London ICE (Intercontinental Exchange Futures) fell $0.29 to trade at $54.07, Azertac reported.

The price of a barrel of Azeri Light crude oil increased $0.31 to stand at $54.71 on the world markets.

The country’s oil output in March 2017 amounted to 733,300 barrels, 40,000 barrels of which accounted for condensate.

The Energy Ministry further informed that 596,000 barrels of oil, 40,000 barrels of condensate and 23,000 barrels of petroleum products were exported daily.

Last December, 11 non-OPEC countries, including Azerbaijan, agreed to curtail oil output jointly by 558,000 barrels per day. The agreement was signed for the first half of 2017, with the possibility of extension.

The participation of Azerbaijan in joint oil production cuts is defined at 35,000 barrels per day.