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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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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