Azerbaijan oil prices decreases

The price of Azeri LT CIF Augusta decreased by $0.76 amounting to $85.88 per barrel on March 12, Azernews reports.

Moreover, the price of Azeri LT FOB Ceyhan dropped by $0.76 as compared to the previous price and amounted to $84.48per barrel.

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 this year's state budget of Azerbaijan, the average price of one barrel of oil was calculated from 60 US dollars.