Azerbaijani Azeri Light oil sells at above $70

The price tag per barrel of Azerbaijani Azeri Light oil on the world market rose by $0.58 or 0.76% to $77.15.

Report was told by a source in the oil market that on the stock exchanges, Brent crude is trading at $74.51 per barrel.

In the state budget of Azerbaijan for this year, the price of oil is set at the level of $60.

Recall that the minimum price for Azeri Light oil was recorded on April 21, 2020 ($15.81), and the maximum price in July 2008 ($149.66).

In Azerbaijan, oil is produced mainly within the framework of the Product Sharing Agreement on the development of the Azeri-Chirag-Guneshli (ACG) block of fields. The share of the State Oil Company of Azerbaijan Republic (SOCAR) in the contract is 25%.