Azerbaijani oil sharply increased in price

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market increased by $6.85 or 9.41% - to $79.6.

As reported by BAKU.WS, based on trading results, the price of May futures for Brent crude oil amounted to $77.82.

The price of Azerbaijani oil at the Turkish port of Ceyhan under FOB terms increased by $6.69 or 9.54% - to $76.79 per barrel.

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

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

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%.