Azerbaijani oil has sharply risen in price

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market increased by 6.02 dollars or 5.76%, to 110.51 dollars.

This was reported by a source on the oil market.

At the close of trading, the price of June Brent crude oil futures stood at 105.96 dollars.

The price of Azerbaijani oil at Turkey's Ceyhan port under FOB terms increased by 6.06 dollars or 5.98%, to 107.39 dollars.

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

It should be recalled that the minimum price for Azeri Light crude was recorded on April 21, 2020 (15.81 dollars), and the maximum — in July 2008 (149.66 dollars).

In Azerbaijan, oil is mainly produced under the agreement on 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%.