Price of Azerbaijani oil exceeds $120 per barrel
The price of one barrel of Azerbaijani Azeri Light crude on the world market rose by $0.48, or 0.4%, to $120.02.
A source in the oil market told 1news.az about this.
Following the close of trading, the price of November futures for Brent crude stood at $118.56.
The price of Azerbaijani oil in Turkey's Ceyhan under FOB terms rose by $0.97, or 0.84%, to $114.58 per barrel.
Azerbaijan's state budget for this year is based on an oil price of $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, Azeri Light oil is produced under the agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company (SOCAR) in the contract is 35.3%.
