Azeri Light oil price rises

The price of one barrel of Azerbaijani oil of the "Azeri Light" brand in the world market increased by $1.42 or 1.72%, reaching $84.04, Azernews reports.

According to the auction results, the price of October futures for Brent oil amounted to $80.17.

In this year's state budget of Azerbaijan, the average price of one barrel of oil was calculated at $75.

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