Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 0.60 (+1.23%), settling at $ 49.48 per barrel, Report says.
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.
On Friday,
In their meeting on Thursday,
According to the earlier arrangement, OPEC and its allies were expected to increase production by 2 million BPD at the beginning of next year. However, the second wave of the pandemic that has forced countries to reimpose lockdowns and restrictions and weaken oil demand once again aided the agreement for extending deeper supply cuts for some more time.