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), founded in September 1992, plans to diversify its project portfolio towards low-carbon initiatives by 2035, Hikmet Abdullayev, SOCAR's Deputy Vice President, said at a panel discussion at Baku Climate Week. "SOCAR has a clear vision of how our company will evolve from an oil and gas entity into a national energy company. We believe that by 2035, we will have a diversified portfolio that includes low-carbon projects alongside hydrocarbon extraction assets," he stated.
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On October 2, British bp, SOCAR Green (a subsidiary of SOCAR), and the Azerbaijan Investment Company (AIC) signed a Joint Participation Agreement in Baku for the construction of the 240 MW “Shafag” solar power plant in Jabrayil.
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Rovshan Najaf, President of SOCAR, met with Alexander Dyukov, Chairman of the Board of Directors of “Gazprom Neft”, on October 2. SOCAR’s social media publication noted that the meeting involved discussions on mutually interesting issues, but did not provide further details.
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Serbian company “Srbijagas” Director Dušan Bajatović stated that gas supplies from Azerbaijan cannot fully replace Russian gas imports for Serbia. "With the contract with Azerbaijan, we have shown our desire to diversify, but the problem is that Azerbaijan currently does not have such volumes of available gas. At the moment, such volumes can only be procured from Russia," Bajatović said during a broadcast on Serbian Radio and Television (RTS).
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