Azerbaijani oil price rises in world market

In the global market, the price of one barrel of Azerbaijani oil branded as "Azeri Light" amounted to $90.35, increasing by 0.59% or $0.53 per barrel, Azernews reports.

The price of September futures for "Brent" crude oil amounted to $85.03 per barrel.

The average price of one barrel of oil for Azerbaijan's state budget this year is calculated at $75 per barrel.

It is worth noting that the lowest price for "Azeri Light" oil was recorded on April 21, 2020 ($15.81), while its highest price was noted in July 2008 ($149.66). Oil in Azerbaijan is primarily extracted under a contract framework known as the "Azeri-Chirag-Gunashli" (ACG) block. Under this contract, the State Oil Company of Azerbaijan Republic (SOCAR) holds a 25% share.