Azeri LT CIF sells for $45

The Azerbaijani crude oil price rose by $0.13 or 0.29% up to $45.106 a barrel. 

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

OPEC+ agreed on Wednesday to ease its self-imposed production cuts starting next month as the global economy slowly awakens from its deep Covid-19 slumber.

The organization has been curtailing output since May by 9.7 million barrels per day, or ~10% of global supply, following a demand meltdown due to widespread lockdown.

Still, it now plans to taper the cuts to just 7.7 million BPD until December. The oil markets are reacting negatively to the cartel’s latest move, with WTI price down 1.24% to $40.70/barrel at 7 am CST on Thursday, while Brent crude has dipped 0.75% to trade at $43.46/barrel.