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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BP hopes that its participation in the development of the "Karabakh" oil field and the "Ashrafi-Dan Ulduzu and Aypara" (ADUA) structures in the Azerbaijani sector of the Caspian Sea will be an opportunity to implement international standards within these projects.
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Established in 1999, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) currently holds assets exceeding $60 billion, which is roughly 80% of the country’s economy, SOFAZ’s Executive Director Israfil Mamedov said at the annual meeting dedicated to the 25th anniversary of the Oil Fund’s establishment. He noted that the revenue from managing SOFAZ’s assets has already surpassed $15 billion.
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Azerbaijan is expected to supply Bulgaria with 2 bcm of gas in 2024, Azerbaijan’s Ambassador to Bulgaria, Huseyn Huseynov, stated in an interview with Euronews Bulgaria. The diplomat emphasized that energy is one of the priority areas in bilateral relations between Baku and Sofia.
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Kazakhstan plans to increase the volume of oil transit through the Baku-Tbilisi-Ceyhan (BTC) pipeline, Azerbaijan’s Ambassador to Kazakhstan, Agalar Atamoglanov stated. According to him, Azerbaijan and Kazakhstan, as traditional energy exporters, are actively developing cooperation in this field.
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