Oil prices fell below budget forecast
Baku, Fineko/abc.az. World oil prices have fallen below their forecast for 2012 set by the state budget of Azerbaijan, even with taking into account the bonuses, with which Azeri oil is sold abroad.
Yesterday, the price of Brent, the grade which is basic for pricing on Azeri crude oil, collapsed by $1.56 to $96.05 a barrel. American oil WTI went down in value by $0.76, but its barrel is even cheaper - $83.27.
Given the price premium recorded in May ($2.35 to Brent), Azeri oil could quoted yesterday at $98.4 per barrel. Even with the absolute record of such a premium ($3.22), registered in August 2011, the quotations would not exceed $99.27 per barrel. At the same time Azerbaijan has recently increased its forecast of the average export price for 2012 from $80 up to $100 per barrel.
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