The price of Azerbaijani oil exceeded $71

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market increased by $1.76 or 2.53% - to $71.22.

As BAKU.WS reports, Report was informed about this by a source in the oil market.

At the end of trading, the price of November futures for Brent crude oil was $68.41.

In the Turkish port of Ceyhan, the price per barrel of Azerbaijani Azeri Light crude oil on an FOB basis increased by $1.73 or 2.55%, amounting to $69.65.

In Azerbaijan's state budget for this year, the oil price is set at $70.

Recall that the minimum price for Azeri Light oil 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 for the development of the "Azeri-Chirag-Guneshli" (ACG) block of fields. The State Oil Company's (SOCAR) share in the contract is 31.655%.