Price of Azerbaijani oil shows surge in world market

Azerbaijani oil price rises in world oil markets.

The price of one barrel of "Azeri Light" Azerbaijani oil on the global market has risen by 0.84 US dollars, or 1.13%, reaching 75.19 US dollars, reports Azernews.

According to the latest auction results, the price of December futures for "Brent" brand oil stood at 71.82 US dollars.

For 2024, Azerbaijan's state budget has set the average price of one barrel of oil at 75 US dollars.

It is noteworthy that the lowest price for "Azeri Light" oil was recorded on April 21, 2020, at 15.81 US dollars, while the highest price was achieved in July 2008, at 149.66 US dollars.

Azerbaijan primarily produces oil under the agreement on the development of the "Azeri-Chirag-Gunashli" (ACG) field block, with the State Oil Company of Azerbaijan (SOCAR) holding a 25% share in the agreement.