Azeri light oil price rises

The price of one barrel of Azerbaijan's "Azeri Light" oil on the global market has increased by $2.89, or 3.58%, reaching $83.76, Azernews reports.

According to the auction results, the price of Brent crude oil for October futures settled at $79.56 per barrel. In Azerbaijan's state budget for this year, the average price of oil is calculated at $75 per barrel.

It should be noted that the lowest price for "Azeri Light" oil was recorded on April 21, 2020, at $15.81, and the highest price was recorded in July 2008 at $149.66. In Azerbaijan, oil is primarily extracted under the "Azeri-Chirag-Gunashli" (ACG) field development agreement, in which the State Oil Company of Azerbaijan (SOCAR) holds a 25% stake.