Oil Prices Rise Globally

2024-04-16 05:12:23

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 16. Global oil pricesare climbing in response to heightened tensions in the Middle East,and China's quarterly economic statistics reveal growth in thecountry's economy, Trend reported onTuesday.

June futures for Brent crude oil, representing contracts for oildelivery in June, saw a 0.2 percent increase, reaching $90.3 perbarrel.

Regarding China, the world's top oil importer, its GDP surged by5.3 percent year-on-year in the first quarter of 2024, surpassinganalysts' forecasts significantly. This growth could potentiallydrive further oil acquisitions.

According to US experts, ongoing global trends such as tensionsin the Middle East, the potential threat of Iran closing the Gulfof Hormuz, and the expanding Chinese economy could push the globalprice of Brent up to $130 per barrel.

To note, Azerbaijan's Azeri Light oil is bound to the Brentprice.

Azerbaijan's state budget, the budgets of the State Oil Companyof Azerbaijan Republic (SOCAR), and the State Oil Fund for 2024 arebased on an oil price of $60 per barrel. Global oil price growthcould bring them additional revenues.

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