Azerbaijani oil price nears $85

    ECONOMICS  18 May 2024 - 11:24

    The price of one barrel of Azerbaijan’s Azeri Light oil on the world market increased by $0.61, or 0.72 per cent, to stand at $84.82.

    Following the trading, the price of Brent oil July futures reached $83.98, a source in the oil market told Caliber.Az.

    The oil price is set at $60 in the Azerbaijani state budget for this year.

    The minimum price for Azeri Light oil was observed on April 21, 2020 ($15.81), while the maximum price - in July 2008 ($149.66).

    Oil is produced in Azerbaijan mainly within the agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company of the Azerbaijan Republic (SOCAR) in the contract is 25 per cent.

    Caliber.Az

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