Azeri Light oil price sinks to $40

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, decreased by $ 1.49 (-3.52%), settling at $ 40.80 per barrel, Report says.

The lowest price for Azerbaijani oil was recorded on April 21, 2020 ($ 15.81), and in July 2008, the maximum amount was $ 149.66.

Major oil benchmarks dipped on Monday ahead of two major oil industry reports that are set to be released on Tuesday of this week.

The IEA is set to publish World Outlook 2020 on Tuesday, followed by OPEC’s Monthly Oil Market Report (MOMR). Both are much-anticipated industry reports that are set to shed light not only on oil production around the world but also on the very thing that has plagued prices since the start of the pandemic—oil demand.

And no one is expecting promising results on the oil demand front from either source.

Oil prices were already trading down on Monday as oil and gas companies operating in the U.S. Gulf of Mexico were preparing to restart after the shut down created by the latest hurricane running through the area, Hurricane Delta. Prices were further pressured by reports of Libya’s restart of its largest oilfield—the Sharara—after months of blockades that had shuttered the field. On Monday, the final blow to oil prices came from Norway, with negotiations successfully ending a strike action that had crippled oil and gas production to the tune of hundreds of barrels of oil equivalent per day.

By 4:53 p.m. EDT, WTI had fallen below $40 per barrel to $39.57 (-2.54%), with Brent crude falling 2.45% to $41.80.