The price of Azerbaijani oil exceeded $126
The price of a barrel of Azerbaijani Azeri Light oil on the world market rose by $3.88, or 3.17%, and amounted to $126.16.
As 1news.az reports, citing a source on the oil market, following the close of trading, the price of December futures for Brent crude amounted to $118.76 per barrel.
The price of Azeri Light on an FOB basis at the Turkish port of Ceyhan rose by $4.1, or 3.65%, to $116.48 per barrel.
Azerbaijan's state budget for the current year is based on an average oil price of $65 per barrel.
Note that the minimum price of Azeri Light was recorded on April 21, 2020 — $15.81 per barrel, and the maximum in July 2008, when it reached $149.66.
In Azerbaijan, oil of this brand is produced under the contract for the development of the "Azeri - Chirag - Gunashli" (ACG) block of fields. SOCAR's share in the contract is 35.3%.
