Azerbaijani oil prices rise

The price of one barrel of Azeri Light Azerbaijani oil on the world market increased by 0.09 US dollars, or 0.1%, and amounted to 88.58 US dollars, Azernews reports.

According to the results of the auctions, the price of August futures of "Brent" brand oil was 86.04 US dollars.

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

It should be noted that the lowest price of "Azeri Light" oil was recorded on April 21, 2020 (US$ 15.81), and the maximum price was recorded in July 2008 (US$ 149.66). In Azerbaijan, oil is mainly produced within the framework of the agreement on the development of the Azeri-Chirag-Gunashli (ACG) field block. The share of the State Oil Company of Azerbaijan (SOCAR) in the agreement is 25%.