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In April, the price of Brent crude oil fell below $87 per barrel for the first time
In April, the price of Brent crude oil fell below $87 per barrel for the first time
The price of Brent crude futures for June delivery on the London ICE exchange fell below $87 per barrel for the first time since April 1, the trading data on ICE.
According to the exchange, in the morning the price of Brent decreased by 0.58%, to $86.91 per barrel, and then fell during the day to $86.59. At the same time, futures for WTI crude oil for delivery in June decreased by 0.9%, to $81.65 per barrel.
The decrease in oil prices was influenced by a decrease in military and political risks in the Middle East. Market participants are convinced that there will not be a big war between Iran and Israel.
Energy
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From January to May 2024, Azerbaijan imported 616.2 thousand tons of oil Russia, a third more compared to last year, Interfax reports. In monetary terms, the cost of imported Russian oil has also risen by almost a third — to $339 million. In total, Azerbaijan purchased 742.3 thousand tons of black gold in the first five months of this year (+18% compared to January-May 2023) for $416 million. Thus, Russia's share in Azerbaijani crude oil imports amounted to 83%.
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1.11 billion barrels of oil were produced from the “Central Azeri” platform, commissioned in February 2005, as part of the full-scale development of the Azeri-Chirag-Guneshli (ACG) field, by July 1, 2024, the State Oil Company of Azerbaijan (SOCAR), which has a 25 percent share in the ACG project.
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Yesterday, Azerbaijani Economy Minister Mikail Jabbarov held a meeting with Ahmed Moalim Figi, Somali Minister of Foreign Affairs and International Cooperation. They discussed issues related to bilateral economic relations between the countries and potential partnership opportunities in the energy sector. The parties stressed the expediency of establishing mutually beneficial economic ties between the two countries, expanding the contractual and legal framework in order to support the development of relations, as well as exchange of experience in areas of mutual interest.
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Azerbaijani gas supplies to Serbia may be increased in the foreseeable future, the parties are currently discussing this issue, the Minister of Labor and Social Protection of the Population of Azerbaijan Sahil Babayev told journalists.
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