Azerbaijani oil trades above $70

The price of one barrel of Azerbaijani oil brand Azeri Light on the world market has risen by $0.91 or 1.31%, reaching $70.12.

A source in the oil market told Report that as a result of trading, the price of Brent crude oil December futures stood at $67.3.

The price of Azerbaijani oil in Türkiye"s Ceyhan port under FOB conditions increased by $0.85 or 1.25%, to $68.54 per barrel.

In Azerbaijan"s state budget for this year, the oil price is set at $70 per barrel.

The minimum price of Azeri Light was recorded on April 21, 2020 at $15.81, while the maximum was reached in July 2008 at $149.66.

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