Azerbaijani oil rises in price

The price of one barrel of Azeri Light oil on the world market increased by $1.18 or 1.33 per cent to $89.91.

Brent crude is traded at $87.63 per barrel on the stock exchanges, a source in the oil market told Report.

The oil price is set at $50 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 mainly produced within an agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of fields in Azerbaijan.

The share of the State Oil Company of the Azerbaijan Republic (SOCAR) in the contract is 25 per cent.