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 hydropower plants of Karabakh and Eastern Zangezur, which possess high hydroenergy potential, are the main source of "clean energy" in the region, Energy Minister Parviz Shahbazov stated this in an article published in the newspaper "Azerbaijan." According to the minister, the energy needs of these two regions are met 100% through "green energy," with excess production directed to other regions of Azerbaijan.
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In the first half of this year, the average price of a barrel of Azerbaijani oil “Azeri Light” was $86.5, the “Medium-Term Budget of the Republic of Azerbaijan for 2025-2028,” released by the Ministry of Finance. According to the document, this is by 44.2% higher than the price of $60 used in the initial budget parameters for 2024 (which were revised in June, raising the average export price of “Azeri Light” to $75 per barrel).
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By 2027, Azerbaijan plans to implement projects for the construction of eight solar and wind power plants, with a total cost of $2.8 billion, funded by foreign and local investments, Energy Minister Parviz Shahbazov stated in an article published in the official press. "The plans to build and connect to the grid eight large-scale solar and wind power plants, totaling around 2 GW, with investments of about $2.8 billion, demonstrate Azerbaijan's rapid progress towards 'green energy,' marking an irreversible process," the minister wrote.
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Azerbaijan, Kazakhstan, and Uzbekistan will sign an intergovernmental agreement on strategic partnership in the development and transfer of green energy at COP29, Energy Minister Parviz Shahbazov wrote in his article published in the official press. He emphasized that Azerbaijan is a crucial part of the new energy corridor initiative starting in Central Asia.
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