Azerbaijani oil price rises

The price of a barrel of Azerbaijani Azeri Light crude oil on the global market rose by $1.12, or 1.56%, to $72.93, a market source told Report.

Following trading, the price of September futures for Brent crude stood at $69.35.

The price of Azerbaijani oil on an FOB basis at Türkiye's Ceyhan port increased by $1.16, or 1.67%, to $70.48 per barrel.

Azerbaijan's state budget for this year is based on an oil price of $65 per barrel.

The lowest price for Azeri Light was recorded on April 21, 2020, at $15.81, while its highest price was registered in July 2008, at $149.66.

Oil in Azerbaijan is produced mainly under the agreement on the development of the Azeri-Chirag-Gunashli (ACG) block of fields. The State Oil Company of Azerbaijan (SOCAR) holds a 31.65% stake in the contract.