Azeri Light crude nears $55

Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 1.79 (+3.38%), settling at $ 54.73 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.

This year, oil markets are in for more struggles despite a more than 5% boost to prices this week on the news from OPEC+. The oil producer group, led by Saudi Arabia and Russia, announced that members would keep production largely steady rather than raising it, with Riyadh later revealing voluntary cuts of an extra 1 million barrels per day from its January production levels in February and March.

Brent crude futures traded at $53.81 a barrel on Wednesday afternoon, following a 5% jump on Tuesday that brought the commodity to an 11-month high.

Could crude return to its pre-pandemic levels of more than $60 a barrel in 2021? Not if the outlooks of several forecasters are correct, which throw cold water on bullish hopes for a full demand recovery as Covid-19 vaccines are rolled out in countries across the world.