Azerbaijani oil price approaches $93

The price of one barrel of Azerbaijani Azeri Light crude oil on the world market increased by $0.58, or 0.63%, to $92.89.

A source in the oil market told Report that price of October futures for Brent crude stood at $89.64 at the end of trading.

The FOB price of Azerbaijani oil in Türkiye's Ceyhan increased by $0.72, or 0.81%, to $89.72 per barrel.

The oil price in Azerbaijan's state budget for this year is set at $65 per barrel.

The minimum price for Azeri Light was recorded on April 21, 2020, at $15.81, while the maximum was recorded in July 2008, at $149.66.

In Azerbaijan, Azeri Light crude is produced under an agreement to develop the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan (SOCAR) holds a 35.3% share in the contract.