Azerbaijani oil reached its peak during the Middle East conflict

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market increased by 2.99 US dollars, or 2.46%, to 124.24 US dollars.

Report was informed by a source on the oil market.

Over the past month, since the beginning of the armed conflict in the Middle East region, the price of Azerbaijani oil has reached its maximum level, rising by 70.8% (51.5 dollars).

At the close of trading, the price of May futures for Brent crude oil stood at 120.51 US dollars.

At the Turkish port of Ceyhan, the price per barrel of Azerbaijani Azeri Light crude oil on an FOB basis increased by 3.03 dollars, or 2.64%, amounting to 117.44 dollars.

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

It should be noted that the minimum price for Azeri Light oil was recorded on April 21, 2020 (15.81 US dollars), and the maximum — in July 2008 (149.66 US 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 31.655%.