The price of Azerbaijani oil exceeded $109

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market increased by $8.54 or 8.49% - to $109.1.

As BAKU.WS reports, this was announced by Report citing a source on the oil market.

At the close of trading, the price of September Brent crude oil futures stood at $104.92.

The price of Azerbaijani oil at the Turkish port of Ceyhan under FOB terms increased by $8.49 or 8.78% - to $105.18 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), while the maximum was 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%.