Azerbaijani oil price decreases

The price of one barrel of Azerbaijani oil of the "Azeri Light" brand in the world market has decreased by $1.65 or 2%, reaching $81.77, Azernews reports.

According to the auction results, the price of September futures for "Brent" oil was $79.94.

In Azerbaijan's state budget for this year, the average price of one barrel of oil is calculated at $75.

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