Azerbaijani oil price rises in world market

The price of one barrel of Azerbaijani oil branded "Azeri Light" in the world market has increased by $0.95, or 1.07%, to $89.84, Azernews reports.

According to auction results, the price of September futures for Brent oil amounted to $85.74.

In this year's state budget of Azerbaijan, the average price of one barrel of oil is calculated at $75.

It should be noted that the lowest price of "Azeri Light" oil was recorded on April 21, 2020, at $15.81, and the maximum price was recorded in July 2008, at $149.66. In Azerbaijan, oil is mainly produced under the agreement for the development of the "Azeri-Chirag-Gunashli" (ACG) fields block. The State Oil Company of Azerbaijan (SOCAR) holds a 25% share in this agreement.