Azeri Light crude keeps falling

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased by $ 0.61 (-1.08%), settling at $ 55.96 per barrel, Report informs.

The lowest price for Azeri Light was recorded on April 21, 2020 ($ 15.81), and, in July 2008, the all-time high was $ 149.66.

Despite the current lockdowns, which inhibit demand, the trend is higher. As implementation of the vaccines increases the virus-immune population pool, business activity will resume creating demand for refined petroleum products.

Global oil demand is set to rise by 5.9 million barrels per day (bpd) in 2021 from an estimated average demand of 90 million bpd in 2020, OPEC said on Thursday, leaving its 2021 demand growth forecast unchanged from last month but warning that the pandemic is still skewing risks to the downside.

Developed economies will see oil demand rise by 2.6 million bpd this year, driven by North America, while emerging markets—led by China and India—will see oil demand increase by 3.3 million bpd, OPEC said in its Monthly Oil Market Report (MOMR).

In total, world oil demand is expected to average 95.9 million bpd in 2021—still nearly 5 million bpd below the pre-crisis levels from 2019.

“Oil demand is not projected to recover from the 2020 slump fully,” said OPEC, which estimates 2020 demand to have crashed by 9.8 million bpd to average 90 million bpd.