The price of Azerbaijani oil surged by almost 4%

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market increased by $4.59 or 3.8%, reaching $125.03.

BAKU.WS was informed by a source on the oil market.

At the close of trading, the price of June Brent crude oil futures stood at $131.97.

The price of Azerbaijani oil at Turkey's Ceyhan port under FOB terms rose by $4.99 or 4.3%, to $119.88.

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

As a reminder, the minimum price for Azeri Light oil was recorded on April 21, 2020 ($15.81), and 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%.