Tensions in the Middle East have placed upward pressure on crude prices - FS

"Tensions in the Middle East have placed upward pressure on crude prices at the same time as demand for natural gas remains strong," says the report of Fitch Solutions, News reports.

"As a major hydrocarbon producer and exporter, these dynamics will positively affect the Azerbaijani economy. Our Oil and Gas team forecast Brent Crude to average USD85/bbl in 2024 and USD82/bbl in 2025," noted in the report.

The Agency says increased oil production at BP’s Azeri-Chirag-Gunashli field will boost exports and replenish government coffers against strong energy prices.

News.Az