Supplies of Azeri Light crude oil to Asia to reach record high
Supplies of Azeri Light crude oil to Asia will reach record high in January 2017, Reuters reported.
European and Chinese traders are shipping a record 22 million barrels of crude oil from the North Sea and Azerbaijan to Asia this month, seeking to plug any supply gap left by OPEC production cuts, according to the news agency, Trend reported.
Over 11 million barrels of North Sea Forties crude have either been offloaded or are on their way to Asia, adding to a record 11 million barrels of Azeri Light crude oil from Azerbaijan, Reuters said.
Azeri Light crude oil is produced at the Azeri-Chirag-Gunashli block of oil and gas fields in the Caspian Sea. Azerbaijan has been producing Azeri Light crude oil since 1997 and exports it via the Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines, as well as by rail to the Georgian port of Batumi.
News.Az
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