Azeri oil hits record low, drops below $16 a barrel

Azeri oil hits record low, drops below $16 a barrel

PanARMENIAN.Net - Azerbaijani oil price has dropped in world markets, hitting a record low.

The price for a barrel of Azeri Light crude oil fell $5.49 to stand at $15.81, local media report.

Azeri LT CIF slumped to a record low on April 1 ($16.53), while the all-time high was recorded in July 2008 ($149.66).

Azerbaijani Energy Minister Parviz Shahbazov has called on oil producers outside the OPEC+ format to commit themselves to reduce oil production.

Shahbazov's press service said the minister had taken part in an unofficial video conference with the participation of several OPEC+ countries.

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