By Fatima Latifova

The price of one barrel of Azerbaijani oil branded "Azeri Light" in the world market has increased by $0.54, or 0.73%, to reach $74.7, Azernews reports.

According to auction results, the price of Brent crude oil for January futures stood at $72.28 per barrel.

The Azerbaijani state budget for this year is based on an average price of $75 per barrel of oil.

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