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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.
19.06.2012 09:21
- Azerbaijan exported 11.35 million tons of oil in 2013
- ‘Seizure’ of documents conducted in Statoil, RD Shell, BP and Platt’s
- EBRD lowers GDP growth forecast on Azerbaijan to 3.5%
- Oil production from Azerbaijan’s key block continues to fall
- Premium for Azeri oil over Brent declined to $2.65 per barrel
- Fitch affirmed Azerbaijan’s rating, although breakeven oil price in its budget already exceeds world oil prices
- BP: political threats from Gulf region to continue to grow until 2020
- BP forecast: oil prices may fall to $60 but not to $40 a barrel
- State Budget not to undergo upwards corrections in 2013
- Azerbaijan’s gas export for Jan-Mar 2013 reached 29% of 2012 index with a rise of 1.8-fold
Link for FINEKO Analytic & Informational Agency and ABC.AZ is obliged using the websites material.
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