Azerbaijani oil price slightly increases

The price of one barrel of "Azeri Light" brand Azerbaijani oil on the world market has increased by $0.26, or 0.3%, reaching $84.28, Azernews reports.

According to the auction results, the price of October futures for "Brent" oil was $80.1.

In Azerbaijan's current state budget, the average price of one barrel of oil is calculated at $75.

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