The price of one barrel of Azerbaijani oil, Azeri Light, on the global market increased by $1.19, or 1.61%, reaching $75.23, according to Report, which cites a source in the oil market.
As of the close of trading, the price of May futures for Brent oil was $73.93.
In Azerbaijan’s state budget for this year, the oil price is set at $70 per barrel.
The minimum price for Azeri Light oil was recorded on April 21, 2020, at $15.81, while the maximum price was in July 2008, at $149.66.
Oil in Azerbaijan is primarily extracted under the agreement for the development of the “Azeri-Chirag-Gunashli” (ACG) oil field block. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.
