Azerbaijani Oil Rebounds On World Market
Date
9/18/2024 5:17:22 AM
(MENAFN- AzerNews)
Akbar Novruz
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The price of 1 barrel of Azerbaijani "Azeri Light" oil has
surged by $0.9, or 1.2%, reaching $77.01 on the world market,
Azernews reports.
Meanwhile, the price of November futures for brent crude rose to
$73.35. For Azerbaijan, the state budget this year had calculated
the average price of oil at $75 per barrel, indicating that the
current market price is favorable for the country.
It's noteworthy that "Azeri Light" saw its lowest price at
$15.81 per barrel in April 2020, with its record high reaching
$149.66 in July 2008. The bulk of Azerbaijan's oil is produced from
the Azeri-Chirag-Gunashli (ACG) field block, where the State Oil
Company of Azerbaijan (SOCAR) holds a 25% stake in the
agreement.
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