Azerbaijan sees decline in oil prices

By Trend

The price of Azeri LT CIF Augusta, produced at the Azeri-Chirag-Deepwater Gunashli (ACG) field, dropped by 43 cents on Sept.3 compared to the previous price, settling at $73.53 per barrel, Trend reports referring to the source from the country's oil and gas market.

The price of Azeri LT FOB Ceyhan on Sept.3 amounted to $72.85 per barrel, falling by 43 cents as 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 stood at $70.27 per barrel on Sept.3, having dropped by 23 cents as compared to the previous price.

Meanwhile, the cost of a barrel of Brent Dated oil, produced in the North Sea went down by 49 cents compared to the previous price and made up $73.48 per barrel.