Crude prices further decrease

The price of oil continues falling in the world markets.

On the New York Stock Exchange NYMEX cost of the US Light crude oil decreased $1.92 to stand at $37.67. Price of the Brent crude oil at the London ICE fell $ 1.79 to trade at $40.93.

SOCAR Marketing and Economic Operations Department said the price of a barrel of Azeri Light crude oil decreased $2.02 to stand at $41.87 on the world markets.

Azerbaijan produces three grades of crude oil—the SOCAR-produced barrels, Azeri BTC, and Azeri Light. The country’s main export crude oil streams are Azeri BTC and Azeri Light. These two grades are fairly similar and are mainly sold to European and Asian markets.

SOCAR produces about 20% of the country’s oil output. The company is responsible for exploration and production of oil and natural gas in Azerbaijan, operating the country’s two refineries, running the country’s pipeline system, and managing the country’s oil and natural gas imports and exports.