Azerbaijani oil price settles above $123

The price of a barrel of Azerbaijan's Azeri LT CIF oil in the world market has increased by $3.79 or 3.17% to $123.18 per barrel, Report informs.

Yesterday, the Brent crude price traded at $114.24 per barrel.

The average oil price in Azerbaijan's state budget for 2022 was set at $50 per 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.