Azerbaijani oil price slightly rises

The price tag per one barrel of the Azeri Light oil on the world market increased by $0.17 or 0.2 per cent to $98.91.

On the stock exchanges, October futures for Brent crude are traded at $96.05, Report informs citing a source in the oil market.

In the state budget of Azerbaijan for this year, the price of oil is set at $85.

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 product sharing agreements on the development of the Azeri Chirag-Deepwater Guneshli (ACG) block of fields. The share of the state-owned oil company SOCAR in the contracts is 25 per cent.