Oil prices rose last week
Last week, the average price of Azeri Light crude oil based on CIF contracts increased by $1.84 (2.08 percent) compared to the previous week and amounted to $ 90.17 per barrel. The maximum price for this period reached $91.32 per barrel, and the minimum price was $88.65 per barrel.
Last week, the average price of Azeri Light oil based on FOB in the Turkish port of Ceyhan was $88.74 per barrel, which is $ 1.85, or 2.13 percent more. The maximum price was $89.89 per barrel, and the minimum price was $87.17 per barrel.
The average price for the benchmark grade of Dated Brent oil increased by $ 1.36 (1.57 percent) and amounted to $88.01 per barrel. The maximum price for Dated Brent reached 88.96 dollars per barrel, and the minimum – 86.83 dollars per barrel.
|
Oil grade/date |
01.07 |
02.07 |
03.07 |
04.07 |
05.07 |
Average price |
|
Azeri LT CIF |
$90,06 |
$90,78 |
$90,05 |
$91,32 |
$88,65 |
$90,17 |
|
Azeri Light FOB Ceyhan |
$88,63 |
$89,36 |
$88,63 |
$89,89 |
$87,17 |
$88,74 |
|
Urals (EX NOVO) |
$73,53 |
$74,26 |
$74,01 |
$75,79 |
$72,15 |
$73,95 |
|
Dated Brent |
$88,01 |
$88,59 |
$87,68 |
$88,96 |
$86,83 |
$88,01 |
Energy
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"We need an agreement on a new ambitious climate finance goal here in Baku. Through various components, this goal should mobilize the funding necessary for developing countries," United Nations Secretary-General António Guterres stated at a media briefing at COP29 on November 21.he said.
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A balanced energy transition is key to global sustainability, said Haitham al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), in his speech at a high-level meeting during COP29. He emphasized the continuing importance of oil and gas in meeting global energy needs, calling for a balanced and inclusive approach to the energy transition.
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Natural gas currently satisfies 23% of global primary energy needs, said Mohammad Hamel, Secretary-General of the Gas Exporting Countries Forum (GECF), at the COP29 summit. He emphasized the indispensable role of natural gas in the global energy landscape, noting its contribution to economic growth, environmental sustainability, and food security.
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The European Union (EU) has warned participants at the 29th UN Climate Change Conference (COP 29) in Baku that any backsliding on the commitments made last year at COP 28 in Dubai regarding the transition away from fossil fuels would be unacceptable. The EU insists that a similar commitment be included in the final decisions of this year’s conference.
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