Azerbaijani oil price almost reaches $114

The price of one barrel of Azerbaijan's Azeri Light crude oil on the world market increased by $1.95 or 1.74%, amounting to $113.97, a source in the oil market told Report.

Following the trading, the price of June futures for Brent crude oil amounted to $111.56.

The price of one barrel of Azerbaijan's Azeri Light crude oil on an FOB basis at Türkiye's Ceyhan port decreased by $1.84 or 1.69%, amounting to $110.78.

In Azerbaijan's state budget for this year, the average price of one barrel of oil has been calculated at $65.

The lowest price of Azeri Light crude oil was recorded on April 21, 2020 ($15.81), and the maximum price was recorded in July 2008 ($149.66). In Azerbaijan, oil of this grade is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The share of the State Oil Company of Azerbaijan (SOCAR) in the contract is 31.65%.