Azeri Light nears $ 42

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 0.9 (+2.21%), settling at $ 41.70 per barrel.

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.

The U.S. energy industry is recovering more quickly than previously expected from the fall in production from the coronavirus pandemic, the Organization of the Petroleum Exporting Countries said Tuesday.

In its monthly report, OPEC softened its forecast for the amount by which non-OPEC oil supply will decline this year by 300,000 barrels a day. Production from outside the cartel is now seen falling by 2.4 million barrels a day, or 3.6% from last year’s levels.

Despite leaving unchanged its forecast for the decline in world oil demand for the year, OPEC trimmed its annual demand growth forecast for 2021.

“The ongoing regional resurgence in Covid-19 infections will continue to negatively impact market sentiment until such time as a vaccine is made available,” OPEC said in the report, as it cut its global economic growth forecast for 2021 by 0.1 percentage point to 4.6%.

Sharp early gains in oil prices softened after OPEC released its report. Global benchmark Brent crude rose 1.3% to $42.27 a barrel while West Texas Intermediate futures, the U.S. benchmark, was up 1.6% at $40.06 a barrel.