Baku / 23.11.18 / Turan: The price of Brent crude oil futures for delivery in January 2019 on the stock exchange on November 23 fell below $ 60 a barrel. The fall per day was about 5% (almost $ 3).
According to the data at 5 pm, the price was $ 59.32, which is lower than the level of October 2017.
Northern oil is cheaper (WTI), which at that time was worth $ 50.95, losing more than 6% ($ 3.5) per day.
Azerbaijani oil is also rapidly becoming cheaper, dropping below $ 60.
Bloomberg notes that oil is getting cheaper due to the statements of Saudi Arabia, that production has reached record levels. According to the Minister of Energy Khalid al-Falih, the volume of overproduction is 10.7 million barrels. per day. -02D-
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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