BAKU, Azerbaijan, August 26. The US Energy Information Administration (EIA) shared a report on the average price of benchmark Brent crude oil for the second quarter of 2024, Trend reports.
According to the report, the average price per barrel of Brent crude oil was $85 in the second quarter, which is two percent less than the figure for the second quarter of 2023 and nine percent less than the figure for the first quarter of 2024.
Over the past year, the price of oil has been influenced by a global geopolitical factor, the extension of the OPEC+ production cuts.
The pessimistic forecast for the third quarter of 2024 predicts a price of $78 per barrel of Brent.
However, the monthly average price model favors a higher level of $82 per barrel.
The average annual price of Brent in the current year may amount to $83 per barrel, and next year is expected to be $85 per barrel.
To note, Azerbaijani oil price depends on Brent.
