Baku/03.06.20/ Turan: Reference oil prices rose yesterday on reports that producing countries led by Russia and Saudi Arabia could extend the current level of production cuts until September 1.
The OPEC + ministerial meeting will be rescheduled for June 4 from June 9, The Wall Street Journal reported citing sources.
On Wednesday night, on the ICE exchange in London, the cost of futures for Brent crude oil for delivery in August 2020 increased by 1.31 percent and amounted to $ 40.09 per barrel. The last time oil of this grade was worth more than $ 40 per barrel on March 6.
After some time, this grade of oil was already trading at $ 40.37 per barrel, but then it slowed down, TASS reports.
In turn, the price of WTI crude oil increased by 2.66 percent and traded at $ 37.57 per barrel.
"Expectations that the OPEC + countries will reduce the current level of production decline following the meeting this week support prices," say S&P Global Platts analysts.
According to experts, if the current level of reductions is maintained for another two months or more, "oil prices can increase growth, and Brent - up to $ 45 per barrel." –0-
Energy
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The hydropower plants of Karabakh and Eastern Zangezur, which possess high hydroenergy potential, are the main source of "clean energy" in the region, Energy Minister Parviz Shahbazov stated this in an article published in the newspaper "Azerbaijan." According to the minister, the energy needs of these two regions are met 100% through "green energy," with excess production directed to other regions of Azerbaijan.
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In the first half of this year, the average price of a barrel of Azerbaijani oil “Azeri Light” was $86.5, the “Medium-Term Budget of the Republic of Azerbaijan for 2025-2028,” released by the Ministry of Finance. According to the document, this is by 44.2% higher than the price of $60 used in the initial budget parameters for 2024 (which were revised in June, raising the average export price of “Azeri Light” to $75 per barrel).
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By 2027, Azerbaijan plans to implement projects for the construction of eight solar and wind power plants, with a total cost of $2.8 billion, funded by foreign and local investments, Energy Minister Parviz Shahbazov stated in an article published in the official press. "The plans to build and connect to the grid eight large-scale solar and wind power plants, totaling around 2 GW, with investments of about $2.8 billion, demonstrate Azerbaijan's rapid progress towards 'green energy,' marking an irreversible process," the minister wrote.
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Azerbaijan, Kazakhstan, and Uzbekistan will sign an intergovernmental agreement on strategic partnership in the development and transfer of green energy at COP29, Energy Minister Parviz Shahbazov wrote in his article published in the official press. He emphasized that Azerbaijan is a crucial part of the new energy corridor initiative starting in Central Asia.
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