Azerbaijani oil price settles above $118

The price of a barrel of Azerbaijan's Azeri LT CIF oil in the world market has increased by $$2.07 or 1.8% to $118.17 per barrel, Report informs.

Yesterday, the Brent crude price was $112.35 a barrel.

The average oil price in the state budget of Azerbaijan for 2022 was set at $50 a barrel.

The lowest price for Azeri Light was recorded on April 21, 2020 ($15.81), and the all-time high of $149.66 was fixed in July 2008.