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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In 2023, Azerbaijan produced 4 million 369.8 thousand tons of fuel (automotive gasoline, diesel fuel, and aviation kerosene), whereas last year the total volume amounted to only 3 million 906.9 thousand tons. Over the past year, fuel production in the country decreased by 462.9 thousand tons, or by 10.6%.
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According to preliminary data, in the past year, Azerbaijan's gross domestic product (GDP) amounted to 126.3 billion manats (approximately $74.3 billion at the current exchange rate), a 4.1% increase compared to 2023, the monthly report by the State Statistical Committee of the Republic of Azerbaijan.
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In 2024, the total volume of oil and condensate production in Azerbaijan amounted to 29 million 63 thousand tons, the monthly report by the State Statistical Committee of the Republic of Azerbaijan.
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The Trans Adriatic Pipeline (TAP AG) consortium has developed a roadmap for preparing to transport hydrogen, according to TAP AG. “TAP’s goal is to develop infrastructure for hydrogen transportation. We have defined a roadmap for preparing for the medium- and long-term transportation of natural gas and hydrogen blends, as well as renewable gases. A preliminary study in 2021 confirmed the potential of TAP for transporting hydrogen mixtures in the future. Currently, we are conducting pipeline material tests at an international laboratory. The results of the first tests were received in the fourth quarter of 2024 and are now under evaluation. The next round of tests has already begun, and results are expected in 2025,” said the consortium.
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