Azerbaijani oil registers modest price uptick

By Nazrin Abdul

The price of Azerbaijan's Azeri LT CIF oil in the world market increased by $0.02, or 0.02%, to $85.23 per barrel, Azernews reports.

July futures for Brent crude were traded at $84.39 per barrel.

The average oil price in Azerbaijan's state budget for 2024 was set at $60 per barrel.

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

It's worth highlighting that the price of "Azeri Light" oil hit its lowest point on April 21, 2020, at $15.81 per barrel, contrasting starkly with its peak of $149.66 in July 2008. This fluctuation underscores the volatility inherent in the global oil market. Azerbaijan, a significant player in oil production, primarily extracts oil from the Azeri-Chirag-Gunashli (ACG) field block under a development agreement. The State Oil Company of Azerbaijan (SOCAR) holds a notable 25% stake in this agreement, illustrating its significant role in the country's oil sector.