Azerbaijan sees increase in oil prices

By Trend

The price of Azeri LT CIF Augusta, produced at the Azeri-Chirag-Deepwater Gunashli (ACG) field, grew by 10 cents on May 18 compared to the previous price, reaching $69.26 per barrel, Trend reports referring to the source from the country's oil and gas market.

The price of Azeri LT FOB Ceyhan amounted to $68.65 per barrel on May 18, increasing by 10 cents compared to the previous price.

Azerbaijan has been producing Azeri LT since 1997 and exporting it via the Baku-Tbilisi-Ceyhan (BTC) and Baku-Supsa Western Export Pipeline, as well as by rail to the Georgian port of Batumi.

Azerbaijan also sells its URALS oil from the Russian Black Sea port of Novorossiysk, delivering it through the Baku-Novorossiysk pipeline.

The price of URALS with shipment from the port settled at $66.81 per barrel on May 18, having remained unchanged as compared to the previous price.

Meanwhile, the cost of a barrel of Brent Dated oil, produced in the North Sea, amounted to $69.67 per barrel, a decrease of 5 cents compared to the previous price.