Azerbaijani oil price soars around 12%

Azerbaijan's Azeri LT CIF crude oil price traded in the financial markets has gone up to $3,85 or 11,75%, settling at $ 36,62 per barrel, Report says.

Azeri LT CIF showed the record low on April 21, 2020 ($15.81), and the all-time high in July 2008 ($149.66).

The onset of COVID-19 pandemic and its global spread has resulted in a fall in oil prices due to subdued demand foreseen and the price war between Russia and Saudi Arabia.

The prices will remain volatile for at least six months after the COVID-19 pandemic, as seen from the results of a poll Verdict conducted recently to assess how lasting the pandemic impact will be on oil price volatility.

Two-third (67%) of the respondents opined that the impact will last for six months to more than a year following the pandemic. While 36% believe the volatility will stay for more than a year following the pandemic, 31% believe that it'll last for more than six months.