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COVID-19 Azerbaijan: 18 people died per day

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Azerbaijan recorded 1,202 new COVID-19 cases, Task Force under the Cabinet of Ministers told Report.

As many as 998 people recovered from the infection, while 18 patients lost their lives over the past day.

So far, 68,594 people have contracted coronavirus in Azerbaijan, 51,007 have recovered, while 885 died.

At present, 16,702 people are receiving treatment.

Azerbaijan has conducted 1,467,842 coronavirus tests over the past period. Today's test number is 10,665.

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Armenia reports 26 new COVID-19 deaths

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Armenia confirmed 1,277 new coronavirus cases, bringing the nationwide case tally to 138,508, Report says, citing the National Center for Disease Control and Prevention of the Ministry of Health.

The death toll reached 2,254 as 26 more fell victims to the virus. So far, 113,228 people have recovered from the infection.

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Azeri Light oil price nears $ 49

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Azeri LT CIF crude oil, exported from Azerbaijan to the world markets, increased $ 0.50 (+1.03%), settling at $ 48.88 per barrel, Report says.

The lowest price for Azeri Light was recorded on April 21, 2020 ($ 15.81), and, in July 2008, the all-time high was $ 149.66.

Since pharmaceutical companies started announcing vaccine breakthroughs three weeks ago, the oil market has seen the gloom from the soaring coronavirus cases turn into optimism that vaccine availability would help global economic recovery and a rebound in oil demand at some point next year.

Hedge funds and other money managers have been net buyers of the most important petroleum futures and contracts since November 9, when Pfizer and BioNTech started the race to take vaccines to approval within weeks and to people within months.

At the end of the most recent reporting week to November 24, portfolio managers held the most bullish overall position in oil in three months—since the end of August, suggesting that the market hopes that vaccines will help global oil demand.

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OPEC+ plans gradual recovery of production volumes

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OPEC+ discussions on the deal parameters from 2021 now boil down to proposals for a gradual easing of the decline in oil production over several months..

According to Report, it was reported to Bloomberg by one of the delegates of the Alliance.

"OPEC + discussions are now focusing on proposals to ease production cuts over several months gradually," the delegate said. However, he did not disclose the terms and parameters of a possible easing.

Notably, now OPEC+, according to the deal that started in may, reduces oil production by 7.7 million barrels per day. It is further assumed that from January 2021 to the end of April 2022, OPEC+ will reduce oil production by 5.8 million barrels per day. The Alliance is thinking of postponing this step for some time, but there is no consensus yet.

After a two-day break following an inconclusive OPEC meeting, the OPEC+ countries will meet again at the negotiating table on December 3 via videoconferencing. Members of the Alliance must finally decide on the deal's parameters to reduce production for 2021.

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