Azerbaijani oil price up

In the global market, the price of a barrel of Azerbaijani oil branded as "Azeri Light" has increased by $1.31, or 1.74%, reaching $76.63, Azernews reports.

According to auction results, the price of December futures for Brent crude oil is $76.05.

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

It's worth noting that the lowest price for "Azeri Light" oil was recorded on April 21, 2020, at $15.81, while the highest price was in July 2008, at $149.66. Oil in Azerbaijan is primarily extracted under the contract for the development of the "Azeri-Chirag-Guneshli" (ACG) fields, in which the State Oil Company of Azerbaijan (SOCAR) holds a 25% share.