Azerbaijani oil price rises

The price of 1 barrel of "Azeri Light" Azerbaijani oil on the world market increased by 2.59 US dollars or 3.1% to 85.05 US dollars, Azernews reports.

According to the results of the auctions, the July futures price of "Brent" oil was 84.42 US dollars.

In this year's state budget of Azerbaijan, the average price of one barrel of oil was calculated from 60 US dollars.

It should be noted that the lowest price of "Azeri Light" oil was recorded on April 21, 2020 (US$15.81), and the maximum price was recorded in July 2008 (US$149.66).

In Azerbaijan, oil is mainly produced within the framework of the agreement on the development of the Azeri-Chirag-Gunashli (ACG) field block. The share of the State Oil Company of Azerbaijan (SOCAR) in the agreement is 25%.