Azeri oil price close to $100

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The price of a barrel of Azerbaijan’s Azeri LT CIF oil in the world market has increased by $4.23 or 4.45% to $99.30 per barrel, Report informs.

Yesterday, the Brent crude price was $83.27 a barrel.

The average oil price in the state budget of Azerbaijan for 2022 was set at $50 a barrel.

The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.

Oil is mainly produced in Azerbaijan within the framework of the agreement on the development of the Azeri-Chirag-Guneshli (ACG) block, in which the State Oil Company (SOCAR) has a 25% share.