BAKU, Azerbaijan, April 16. Global oil prices are climbing in response to heightened tensions in the Middle East, and China's quarterly economic statistics reveal growth in the country's economy, Trend reported on Tuesday.
June futures for Brent crude oil, representing contracts for oil delivery in June, saw a 0.2 percent increase, reaching $90.3 per barrel.
Regarding China, the world's top oil importer, its GDP surged by 5.3 percent year-on-year in the first quarter of 2024, surpassing analysts' forecasts significantly. This growth could potentially drive further oil acquisitions.
According to US experts, ongoing global trends such as tensions in the Middle East, the potential threat of Iran closing the Gulf of Hormuz, and the expanding Chinese economy could push the global price of Brent up to $130 per barrel.
To note, Azerbaijan's Azeri Light oil is bound to the Brent price.
Azerbaijan's state budget, the budgets of the State Oil Company of Azerbaijan Republic (SOCAR), and the State Oil Fund for 2024 are based on an oil price of $60 per barrel. Global oil price growth could bring them additional revenues.
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