Azerbaijani oil price nears $85

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.