Rise in Azerbaijan’s Oil Prices

Oil&Gas Materials 11 November 2008 15:45 (UTC +04:00)

Azerbaijan, Baku, 11 November / Trend corr A.Badalova/ On 10 November, the price of AZERI LT CIF Augusta was $59.08 per barrel or $0.1 per barrel up as compared to previous price, 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 $58.1 per barrel or $0.1per barrel more than the previous price, SOCAR said.

Azerbaijan exports URALS 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 $53.88per barrel, or $0.54per barrel more as compared to the previous price.

The price of Brent Dated produced from the North Sea was $56.59 per barrel, $0.28per barrel more compared to the previous price.