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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The State Oil Company of Azerbaijan (SOCAR) is launching the Leucipa monitoring program for the first time in the Caspian region to enhance production efficiency in the oil and gas industry, KOKAR reported. “SOCAR is implementing an innovative digital solution – the Leucipa monitoring program – to optimize processes and improve extraction efficiency. This initiative is part of a strategic collaboration with Baker Hughes. This project is a key part of SOCAR’s digital transformation strategy,” the company’s statement said.
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The daily oil production, including condensate, in Azerbaijan in January amounted to 74.5 thousand tons (559 thousand barrels). Of this volume, oil accounted for 61.7 thousand tons (454 thousand barrels per day), and condensate – 12.8 thousand tons (105 thousand barrels per day), the press service of Azerbaijan’s Ministry of Energy. Thus, Azerbaijan used 82.4% of its OPEC quota in January.
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In January 2025, Azerbaijan exported a total of 2 bcm of natural gas. Compared to January of the previous year, export volumes decreased by 300 mcm, the website of Azerbaijan’s Ministry of Energy. According to the ministry’s data, during the reporting period, Azerbaijan’s gas exports to Europe amounted to 1 bcm (a decrease of 100 mcm.)
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In January 2025, Azerbaijan exported 2 million tons of oil and condensate to foreign markets. The export volumes of liquid hydrocarbons from Azerbaijan decreased by 100 thousand tons, the website of Azerbaijan’s Ministry of Energy.
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