Azerbaijani oil prices decrease

The price of Azeri LT CIF Augusta decreased by $0.95 amounting to $86.95 per barrel on February 15, Azernews reports.

It should be noted that in 2022, the average selling price of one barrel of "Azeri Light" (CIF) brand oil was 103.58 US dollars. Last year, "Azeri Light" (CIF) oil increased in price by 44.6% compared to the indicator of 2021.

In the state budget of Azerbaijan for this year, the price of oil is set at $60.

Recall that the minimum price for Azeri Light oil was fixed on April 21, 2020 ($15.81), and the maximum - in July 2008 ($149.66).

In Azerbaijan, oil is produced mainly under the Azeri-Chirag-Guneshli (ACG) field block development agreement. The share of the State Oil Company (SOCAR) in the contract is 25%.