The price of Azerbaijan's Azeri LT CIF oil in the world market increased by $0.17, or 0.22%, to $79.52 per barrel, Azernews reports.

October futures for Brent crude were traded at $76.05 per barrel.

The average oil price in Azerbaijan's state budget for 2024 was set at $75 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.

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%.