Price of Azerbaijani oil approaches $101 per barrel
The price of a barrel of Azerbaijani Azeri Light oil on the global market rose by $1.23, or 1.24%, to $100.63.
As Report informs, citing a source on the oil market, at the close of trading the price of January futures for Brent crude was $92.72 per barrel.
The price of Azeri Light on a FOB basis at the Turkish port of Ceyhan rose by $1.51, or 1.59%, to $96.64 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%.
