Average price of AZERI LT CIF, extracted at Azerbaijan’s Azeri-Chirag-Gunashli block of fields, was $56.2 per barrel on April 10-14 or $1.58 per barrel more than the previous week.
The highest price of AZERI LT was $56.44 per barrel, while the lowest price was $55.93 per barrel during the period.
Azerbaijan sells AZERI LT via the Turkish port of Ceyhan and Georgian ports of Batumi and Supsa. The oil is supplied to Ceyhan via the Baku-Tbilisi-Ceyhan pipeline and to Georgia via the Baku-Supsa pipeline, as well as by rail.
Average price of URALS (EX-NOVO), exported from Azerbaijan via the Novorossiysk port, was $52.89 per barrel on April 10-14 or $1.06 per barrel more than the previous week.
The highest price for URALS was $53.03 per barrel and the lowest price was $52.63 per barrel on April 10-14.
Azerbaijan sells the oil supplied via the Baku-Novorossiysk pipeline through Russia’s Novorossiysk port.
Average price of Brent Dated was $54.86 per barrel on April 10-14 or $1.55 per barrel more than the previous week.
The highest price for Brent was $54.98 per barrel and the lowest price was $54.67 during the period.
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.