The price of 1 barrel of “Azeri Light” brand oil on the world market increased by 0.51 US dollars or 0.65% to 78.98 US dollars. According to the information provided to SIA, according to the results of yesterday’s auctions, July futures of “Brent” brand oil were sold for 77.12 US dollars.
In this year’s state budget of Azerbaijan, the average price of one barrel of oil was calculated from 50 US dollars.
It should be noted that the lowest price of “Azeri Light” oil was recorded on April 21, 2020 (US$15.81), and the maximum price was recorded in July 2008 (US$149.66). In Azerbaijan, oil is mainly produced within the framework of the agreement on the development of the “Azeri-Chirag-Gunashli” (ACG) field block. The share of the State Oil Company of Azerbaijan (SOCAR) in the agreement is 25%.
