(MENAFN- AzerNews)
Ulviyya Shahin Read more
The price of Azerbaijan's Azeri LT CIF oil in the world marketincreased by $0.02, or 0.02%, to $85.23 per barrel, Azernews reports.
July futures for Brent crude were traded at $84.39 perbarrel.
The average oil price in Azerbaijan's state budget for 2024 wasset at $60 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 July2008.
It's worth highlighting that the price of "Azeri Light" oil hitits lowest point on April 21, 2020, at $15.81 per barrel,contrasting starkly with its peak of $149.66 in July 2008. Thisfluctuation underscores the volatility inherent in the global oilmarket. Azerbaijan, a significant player in oil production,primarily extracts oil from the Azeri-Chirag-Gunashli (ACG) fieldblock under a development agreement. The State Oil Company ofAzerbaijan (SOCAR) holds a notable 25% stake in this agreement,illustrating its significant role in the country's oil sector.
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