Azerbaijani oil slightly up

The price of one barrel of Azeri Light oil in the world market rose by $0.25 or 0.29 percent to $85.54.

Report was told by a source in the oil market.

On the stock exchanges, Brent crude is trading at $81.1 per barrel.

In the state budget of Azerbaijan for 2023, the price of oil is set at the level of 50 US dollars.

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 percent.