Expert: If world oil prices rise, Azerbaijani oil becomes more expensive in accord with them

11:03 - 5.04.2023

April 5, Fineko/abc.az. OPEC allies, including Russia, on Sunday agreed to cut oil production by 3.66 million b/d, or 3.7% of global demand. As a result of the unexpected decision, the price of a barrel of Brent crude oil rose by $5 and exceeded $85. It should be noted that in the middle of last month, the price of a barrel of oil dropped to $74.0. But how will this decision affect the price of Azerbaijani oil?

ABC.AZ reports that according to the head of the Center for Petroleum Research, Ilham Shaban, if world oil prices rise, Azerbaijani oil will rise in price accordingly. But the price of our oil is not set on the world stock exchange:

"The price of Azerbaijani oil is set at the terminal between the buyer and seller in accordance with the price of Brent crude oil and the demand for oil for a given day. It happens that it is more expensive than Brent oil by $2, and sometimes by 10 cents. It depends on demand."