Azeri Light sells for $49.79

By Azernews

Oil prices continue to fall on the world markets.

On the New York Stock Exchange NYMEX (New York Mercantile Exchange), the cost of the US Light crude oil decreased $ 1.22 to stand at $44.30. The price of Brent crude fell $1.17 to trade at $47.21 at the London ICE (Intercontinental Exchange Futures).

The price of a barrel of Azeri Light crude oil decreased $1.46 to stand at $49.79 on the world markets.

Energy-rich Azerbaijan produces three grades of crude oil - Azeri BTC, Azeri Light, and Urals.  The price of a barrel of Azeri Light crude oil fell $0.03 to stand at $53.21 on the world markets on April 25.

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

Prior to the landmark deal, the volume of production in the country was at the level of 37.72 million tons of oil, while daily output stood at 829,100 barrels. Oil production of the country in 2017 is forecasted to stand at 39.797 million, while average daily oil production will amount to 800,000-807,000 barrels.

In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.

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