Azerbaijani oil price slightly increases

The price of one barrel of Azerbaijan’s Azeri Light oil on the world market increased by $0.66, or 0.8 per cent, to $85.21.

Following the trading, the price of Brent oil July futures reached $83.92, a source in the oil market told Report.

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.