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 State Oil Company of Azerbaijan (SOCAR), founded in September 1992, plans to diversify its project portfolio towards low-carbon initiatives by 2035, Hikmet Abdullayev, SOCAR's Deputy Vice President, said at a panel discussion at Baku Climate Week. "SOCAR has a clear vision of how our company will evolve from an oil and gas entity into a national energy company. We believe that by 2035, we will have a diversified portfolio that includes low-carbon projects alongside hydrocarbon extraction assets," he stated.
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On October 2, British bp, SOCAR Green (a subsidiary of SOCAR), and the Azerbaijan Investment Company (AIC) signed a Joint Participation Agreement in Baku for the construction of the 240 MW “Shafag” solar power plant in Jabrayil.
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Rovshan Najaf, President of SOCAR, met with Alexander Dyukov, Chairman of the Board of Directors of “Gazprom Neft”, on October 2. SOCAR’s social media publication noted that the meeting involved discussions on mutually interesting issues, but did not provide further details.
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Serbian company “Srbijagas” Director Dušan Bajatović stated that gas supplies from Azerbaijan cannot fully replace Russian gas imports for Serbia. "With the contract with Azerbaijan, we have shown our desire to diversify, but the problem is that Azerbaijan currently does not have such volumes of available gas. At the moment, such volumes can only be procured from Russia," Bajatović said during a broadcast on Serbian Radio and Television (RTS).
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