Price of Azerbaijani oil nears $68 per barrel

On the global market, the price of Azerbaijani oil grade "Azeri Light" increased by $0.12, or 0.18%, reaching $67.98 per barrel, sources in the oil market told Report.

The price of October Brent crude futures stood at $68.07 per barrel.

On an FOB basis at Turkey’s Ceyhan port, the price of "Azeri Light" rose by $0.12, or 0.18%, to $66.44 per barrel.

Azerbaijan’s state budget for this year is based on an average oil price of $70 per barrel.

It is noted that the lowest price for "Azeri Light" was recorded on April 21, 2020, at $15.81, while the highest price was $149.66 in July 2008. Azerbaijan’s oil is mainly produced under the “Azeri-Chirag-Gunashli” (ACG) field development contract, where SOCAR holds a 31.65% stake.