The average price of Azeri Light oil, based on CIF contracts (which include shipping and insurance costs for marine delivery), decreased by $0.55 (0.72%) compared to the previous week, reaching $75.58 per barrel. The highest price during this period was $76.42 per barrel, while the lowest was $75 per barrel.
Last week, the average price of Azeri Light oil, based on FOB contracts (delivered to the buyer in Ceyhan), was $74.27 per barrel, which is $0.6 or 0.8% lower. The highest price was $75.12 per barrel, and the lowest was $73.67 per barrel.
The average price of URALS oil increased by $0.15 (0.25%) to $60.8 per barrel. The highest price for URALS reached $61.59 per barrel, while the lowest was $60.23 per barrel.
The average price of the benchmark Dated Brent oil remained unchanged at $74.14 per barrel. The highest price was $75 per barrel, and the lowest was $73.54.
Energy
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At a meeting in Istanbul, the board of directors of SOCAR Türkiye discussed the company’s goals and projects for the upcoming year, SOCAR Türkiye reported.
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As of January-November 2024, Azerbaijan’s electricity production totaled 23.55 billion kWh, by 2.2% lower than in the same period last year.
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From January to November 2024, Azerbaijan exported 1.745 billion kWh of electricity worth $93.9 million, the monthly report of the State Customs Committee of Azerbaijan. This is by $285.4 million (75.2%) less than in the same period last year and 2.178 billion kWh (55.5%) less in volume. Electricity exports during the reporting period accounted for 0.39% of Azerbaijan’s total exports and 3.04% of non-oil sector exports.
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Türkiye has received an exemption from the United States for "Gazprombank" in relation to payments for Russian gas, the NTV channel reported citing a statement by Türkiye's Minister of Energy, Alparslan Bayraktar. It is noted that this issue was previously discussed with U.S. Secretary of State Antony Blinken during his visit to Türkiye.
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