Azerbaijani oil price up

The price of Azerbaijani oil branded as "Azeri Light" on the world market has risen by $1.43, or 1.79%, to reach $81.47 per barrel, Azernews reports.

According to auction results, the price of December futures for Brent crude oil is $78.05.

In Azerbaijan's state budget for this year, the average price of one barrel of oil has been estimated at $75.

It's worth noting that the lowest price for "Azeri Light" oil was recorded on April 21, 2020, at $15.81, while the highest price was in July 2008, at $149.66. Oil production in Azerbaijan mainly occurs under a contract for the development of the "Azeri-Chirag-Gunashli" (ACG) field block, in which the State Oil Company of Azerbaijan (SOCAR) holds a 25% stake.