In August, the price of Azerbaijani “Azeri Light” oil increased.
“Elchi” reports that this was noted in the monthly report of the Organization of the Petroleum Exporting Countries (OPEC).
According to the report, this was supported by stable demand in Europe and strong margins for middle distillates. The price of “Azeri Light” crude oil increased by 0.93 USD/barrel on a monthly basis, rising to 6.02 USD/barrel relative to “North Sea Dated” oil.
Differentials for crude oil in the Mediterranean moved in different directions. The price of Kazakh “CPC Blend” oil fell against the backdrop of the resumption of exports for this type and the weakening of naphtha margins. In the last week of August, “CPC Blend” loadings increased sharply, which led to an increase in supply and competition with other light oil brands.
The price of “CPC Blend” crude oil decreased by 1.91 USD/barrel on a monthly basis, falling to a discount of 4.68 USD/barrel relative to the “North Sea Dated” benchmark oil.