Azerbaijani oil price rises

The price of one barrel of Azerbaijani oil, branded as "Azeri Light," has increased by $1.43 or 1.7%, reaching $85.54 on the global market, Azernews reports.

According to auction results, the price of October futures for Brent crude oil amounted to $80.76.

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

It should be noted that the lowest recorded price for "Azeri Light" oil was $15.81 on April 21, 2020, while the maximum price was recorded at $149.66 in July 2008. In Azerbaijan, oil is primarily produced within the framework of the agreement for the development of the "Azeri-Chirag-Gunashli" (ACG) fields block. The State Oil Company of the Azerbaijan Republic (SOCAR) holds a 25% share in this agreement.