
Brent Crude Oil Production Platform
Oil Price Exceeds Annual Record
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—
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- Economics
- 8 February 2021 13:38
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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