Friday, 24 April 2020 11:20

Azeri Light (CIF) price goes up

According to APA-Economics, the price for 1 barrel of Azerbaijani oil increased by $2.13 and totaled $18.74. 

As Vesti.az reports with reference to RIA Novosti, world oil prices, after the collapse at the beginning of the week, are steadily rising for the third trading session in a row amid statements from a number of countries about production cuts and geopolitical tensions in the Middle East. 

As of 7:52 Moscow time, the price of June futures for North Sea Brent crude was growing by 4.5% - to $22.29 per barrel. 

WTI crude futures for June rose 5.33% - to $ 17.41 per barrel.

Oil prices get support from media news about the readiness of a number of countries to start reducing oil production now, which is a necessary measure due to a more than 30% drop in oil demand on the world market. 

On Thursday, Algeria notified OPEC+ countries that it would immediately begin reducing oil production. 

In addition, Kuwait's KUNA news Agency reported that Kuwait had cut oil supplies to the market even before the OPEC+ agreement came into force.

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