The price of a barrel of Azerbaijani oil branded "Azeri Light" has increased by approximately $1, or 1.3%, reaching $74.80 in the global market, Azernews reports.

The January futures price for Brent crude oil stands at $73.10.

This year, Azerbaijan's state budget is based on an average oil price of $75 per barrel.

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