In the evening on 27 August at the international trading the price for Brent crude oil cost more than $47, thus, the price of oil rose for the day by $3, or 9%. The reason for this is a decline of the US reserves, and the strengthening the stock market of America. The oil price increased in the USA as well, where the price for oil Light Sweet rose by 10% to $42.
Experts point out that this is the most significant one-day rise in oil prices since 2009, but cannot say whether this will be a long-term growth.
Overall assessments of experts remain pessimistic, and in the long term they are talking about the price of 50 dollars per barrel.
Thus, the experts by Reuters believe that the general trend in the market will further decline in oil prices. -02D-
Economics
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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