Azerbaijani oil price increases

The price of one barrel of "Azeri Light" brand oil on the world market increased by 0.28 US dollars or 0.32% to 89.55 US dollars, Azernews reports.

According to auction results, the price of September futures for "Brent" brand oil was 84.73 US dollars.

In this year's state budget of Azerbaijan, the average price of one barrel of oil was calculated at 75 US dollars.

It is noteworthy 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, with the State Oil Company of Azerbaijan (SOCAR) holding a 25% share in the agreement.