Price per barrel of Azerbaijani oil approaches $120
The price of one barrel of Azerbaijani Azeri Light oil on the world market rose by $1.15, or 0.97%, to $119.68.
A source in the oil market told Report about this.
The price of November futures for Brent oil was $118.13 per barrel.
The price of one barrel of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by $1.54, or 1.43%, to $109.21.
In Azerbaijan's state budget for the current year, the average price of 1 barrel of oil is calculated based on $65.
The lowest price for Azeri Light was recorded on April 21, 2020 — $15.81, and the highest in July 2008 — $149.66.
In Azerbaijan, this brand of oil is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company of Azerbaijan (SOCAR) in the contract is 35.3%.
