Benchmark crude grades in global markets are trading slightly higher compared to the beginning of last week but lower than yesterday’s quotes. Brent on the ICE (InterContinental Exchange Futures) in London fell by 1.03% to $67.27. The price of a barrel of WTI crude on the NYMEX (New York Mercantile Exchange) in New York stood at $62.75, down 1.01%.

At the Turkish port of Ceyhan, the FOB price of Azeri Light crude also decreased by $3.13, or 4.33%, to $69.11 per barrel.

This month, eight leading OPEC+ countries agreed to increase production by 137,000 barrels per day (bpd) from the September level, out of the 1.65 million bpd announced in April 2023. According to OPEC’s statement, Russia, excluding its compensation plan, will be able to raise oil output in September to 9.4 million bpd, Saudi Arabia to 10.02 million, Kazakhstan to 1.5 million, and Iraq to 4.2 million. However, this plan does not take into account the compensation schedule for previously exceeded production levels, under which the eight OPEC+ countries are required to produce less each month.

The next meeting of the eight countries will take place on October 5, 2025.

It should be noted that the lowest price for Azeri Light crude was recorded on April 21, 2020, at $15.81, while the highest was in July 2008, at $149.66.