Azerbaijani oil price nears $79

The price of a barrel of Azeri Light oil on the world market rose by $0.82, or 1.02 per cent, to $78.58, a source in the oil market told Report.

Brent oil is traded at $76.61 per barrel.

Azerbaijan's state budget for this year includes an oil price of $50.

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 an 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.