Price of Azerbaijani oil rises by 1.1%
The cost of 1 barrel of Azerbaijani oil of the Azeri Light brand on the world market increased by $0.99 or 1.3% — to $77.37.
Report was informed about this by a source on the oil market.
Following the trading results, the price of August futures for Brent oil amounted to $73.24.
The price of Azerbaijani oil in the Turkish Ceyhan under FOB terms increased by $0.84 or 1.1% — to $74.92 per barrel.
In Azerbaijan’s state budget for this year, the oil price is set at $65.
Recall that the minimum price for Azeri Light oil was recorded on April 21, 2020 ($15.81), and the maximum — in July 2008 ($149.66). In Azerbaijan, oil is produced mainly under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) field block. The share of the State Oil Company (SOCAR) in the contract is 31.65%.
