Azerbaijani oil has seen a slight increase in price.
On the global market, the price of one barrel of Azerbaijani Azeri Light crude rose by $0.63, or 0.9%, reaching $70.79.
A source in the oil market told Report that as a result of trading, the price of August futures for Brent crude amounted to $68.85.
The price of one barrel of Azerbaijani Azeri Light crude on an FOB basis at the Turkish port of Ceyhan increased by $0.66, or 0.96%, reaching $69.50.
In Azerbaijan’s state budget for this year, the oil price is set at $70.
The minimum price for Azeri Light oil was recorded on April 21, 2020 ($15.81), while the maximum was in July 2008 ($149.66).
In Azerbaijan, oil is mainly produced under the agreement on the development of the Azeri-Chirag-Gunashli (ACG) field block. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.