Dramatic Drop in Azerbaijan’s Oil Prices

Azerbaijan, Baku, 18 March / Trend corr A.Badalova/ On 17 March, the price of AZERI LT CIF Augusta was $105.55 per barrel, $4.32 per barrel down from the price of 14 March, according to the State Oil Company of Azerbaijan (SOCAR), which has produced Light Oil since 1997.

Azeri Light oil is produced from the Azeri-Chirag-Gunashli offshore fields, which is developed under BP's operations. It is directly delivered to the Turkish port of Ceyhan via the Baku-Tbilisi-Ceyhan main export oil pipeline, to the Georgian port of Supsa via the Baku-Supsa pipeline and to the Georgian port of Batumi by railway.

AZERI LT FOB Ceyhan oil price was $103.77 per barrel, or $4.65 per barrel less than previous price.

Azerbaijan exports URAL oil from the Novorossiysk port, which is delivered via the Baku-Novorossiysk pipeline. The high quality Azerbaijani oil, including Azeri Light, is blended with other oil brands in the Russian pipeline system and is sold from the Novorossiysk Port as URAL.

The price of URAL (EX-NOVO) was $95.11 per barrel, or $6.1 per barrel less compared to the previous price.

A similar situation was observed with Brent Dated, produced from the North Sea. On 17 March, the price of Brent Dated was $103.93 per barrel, $4.97 per barrel down compared to the previous price.

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