Price of Azeri Light Barrel Reaches Nearly $95
The price of a barrel of Azerbaijani oil of the Azeri Light brand on the global market has increased by $6.72, or 7.6%, reaching $94.62.
This was reported by a source in the oil market.
Following the trading session, the price of May futures for Brent crude oil was $94.20.
The price of Azerbaijani oil at the Turkish port of Ceyhan under FOB terms (BTC FOB) rose by $6.81, or 8.1%, to $90.5 per barrel.
In Azerbaijan's state budget for this year, the oil price is set at $65.
It should be noted that the lowest price for Azeri Light oil was recorded on April 21, 2020 ($15.81), while the highest was in July 2008 ($149.66).
In Azerbaijan, Azeri Light oil is produced under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company of Azerbaijan Republic (SOCAR) in the contract is 31.65%.
