Azerbaijani oil has risen in price

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market increased by $1.75 or 1.5% - to $118.16.

As reported by BAKU.WS, Report was informed by a source on the oil market.

At the end of trading, the price of July Brent crude oil futures stood at $114.9.

The price of Azerbaijani oil at Turkey's Ceyhan port under FOB terms increased by $1.77 or 1.55% - to $115.71 per barrel.

In Azerbaijan's state budget for this year, the oil price is set at the level of $65.

As a reminder, the minimum price for Azeri Light crude was recorded on April 21, 2020 ($15.81), while the maximum was in July 2008 ($149.66).

In Azerbaijan, oil is mainly produced under the agreement for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company (SOCAR) in the contract is 31.65%.