Azerbaijani oil up 45% on average

In 2022, the average price of one barrel of Azeri Light on the world market was $103.6, Report informs, citing the annual report on the implementation of the 2022 state budget.

According to the document, this was 44.7% more than the average price in 2021, and 21.8% more than the indicator taken as a basis during the revision of the 2022 state budget:

"Oil and natural gas prices exceeded forecasts amid uncertainties in the global economy and commodity markets. The high prices of energy carriers were mainly due to the occurrence of military clashes between Russia and Ukraine, the imposition of sanctions, export and price restrictions due to the conflict, as well as the agreement between OPEC+ countries to reduce the level of oil production."