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OIL
Azerbaijan’s crude oil is becoming lighter, making it less attractive for European refineries configured for diesel production, Bloomberg said.
- Azeri light from the Baku-Tbilisi-Ceyhan pipeline has seen its API rise over the past year, indicating a declining density.
- The March average was 39.39 degrees, up 1.5 degrees from last April. This is also well above the 35.3 degrees measured in a BP crude assay report in February 2019, Bloomberg said.
- Azeri light has been one of the most popular grades among Mediterranean refineries making diesel.
- However, it is now less dense than North Sea Troll, Ekofisk, Brent, and is nearing parity with WTI Midland. This will hamper its diesel yield.
- Lighter density is mainly due to more condensate volumes in the pipeline.
- Crude output from Azerbaijan is in decline, although condensate volumes from some fields have been rising.
Source: Bloomberg
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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