The price of Azerbaijani oil exceeded $107 per barrel

The price per barrel of Azerbaijani Azeri Light oil on the world market increased by $0.62, or 0.58%, and amounted to $107.46.

As reported by BAKU.WS, Report was informed by a source on the oil market. At the close of trading, the price of January Brent crude oil futures was $96.48 per barrel.

The price of Azeri Light on an FOB basis at the Turkish port of Ceyhan increased by $0.8, or 0.79%, to $102.4 per barrel.

In Azerbaijan's state budget for the current year, the average oil price per barrel is set at $65.

It should be noted that the minimum price of Azeri Light was recorded on April 21, 2020 — $15.81 per barrel, while the maximum was in July 2008, when it reached $149.66.

In Azerbaijan, oil of this grade is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. SOCAR's share in the contract is 35.3%.