Brent Crude Oil Production Platform
Baku/ 08.02.21/Turan: The cost of futures for Brent crude oil on the London ICE exchange at the auction on Monday, January 8, for the first time in more than a year exceeded $ 60 per barrel, having risen to $ 60.05.
According to DW, the last time a barrel of Brent cost more than $ 60 was only on January 29, 2020.
Futures for WTI crude oil for March delivery grew 1.19% to $ 57.53. Thus, over the past week, Brent oil rose in price by 7.8%, WTI - by 8.9%.
Players in the oil market are optimistic.
Analysts have noted the positive sentiment of market participants due to the massive vaccination against coronavirus in the United States and the hope of an increase in demand for raw materials as the American economy recovers.
Oil rises in price against the backdrop of the OPEC+ declared commitment to the policy of containing production. The OPEC forecast that the oil market will remain in short supply for the whole of 2021 added to the positive market.
Strong demand from China remains an important driver of the rise in oil prices, which has not abated despite new coronavirus outbreaks. 127 tankers with 250 million barrels of oil are sent to Chinese ports. This is the maximum in six months, notes DW. — 0—
Energy
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Europe needs gas supplies and cannot afford to exclude the possibility of transit of blue fuel from Azerbaijan through Ukrainian territory, the head of the Austrian oil and gas company OMV, Alfred Stern, said in an interview with the Neue Zürcher Zeitung newspaper. "We need to increase the supply of all energy carriers, including gas. And we cannot afford to exclude anything. I would never place myself in the hands of just one supplier in the future. The rest is a political issue," said the head of OMV in response to a question about his support for gas transit from Azerbaijan through Ukraine.
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In 2024, the production of condensate in Azerbaijan amounted to 5 million 292.34 thousand tons, by 1.7% higher than in 2023, the report of the State Statistics Committee of the Republic of Azerbaijan.
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The production of associated gas in Azerbaijan in 2024 amounted to 15 billion 112.09 mcm, the report of the State Statistics Committee's of the Republic of Azerbaijan. According to statistical data, the production of associated gas increased by 0.2% compared to 2023. Of this volume, 3 billion 804.91 mcm was marketable gas (an increase of 6.7%).
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The Supervisory Board of the State Oil Company of Azerbaijan (SOCAR) has approved the company's budget for 2025, the press service of SOCAR reported yesterday. At the meeting, which was chaired by the Minister of Economy Mikail Jabbarov (who is also the chairman of SOCAR's Supervisory Board), the budget project for 2025 was presented by SOCAR's president Rovshan Najaf and vice president of economics, Zaur Gurbanov. Other issues related to the company's activities were also discussed at the meeting. SOCAR did not announce how its revenues and expenditures will change this year.
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