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The price of Azerbaijani oil approached $118
The price of one barrel of Azerbaijani Azeri Light crude oil on the world market increased by $9.63 or 8.9% to $117.79.
As reported by BAKU.WS, Report was informed by a source on the oil market.
At the close of trading, the price of May futures for Brent crude oil stood at $112.53.
The price of Azerbaijani oil at the Turkish port of Ceyhan under FOB terms increased by $9.65 or 9.25% to $113.95 per barrel.
In Azerbaijan's state budget for this year, the oil price is set at $65 per barrel.
It should be recalled that 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 produced mainly 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%.
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