Azerbaijani oil price near $90

The price of Azerbaijani Azeri Light oil in the world market increased by $ 0.45 or 0.55 per cent to $89.94 per barrel.

The Brent crude price traded at $87.28 per barrel, Report informs.

In the state budget of Azerbaijan for this year, the price of oil is set at the level of $50.

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

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