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The price of one barrel of Azerbaijani “Azeri Light” oil has risen by $1.42, or 1.72%, bringing the new price to $84.04, according to Azernews.
Auction results show that the October futures price for Brent oil has reached $80.17.
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Azerbaijan’s state budget for this year is based on an average oil price of $75 per barrel.
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For context, the lowest recorded price for “Azeri Light” oil was on April 21, 2020, when it dropped to $15.81. The highest price was noted in July 2008, peaking at $149.66. In Azerbaijan, oil production primarily occurs under the contract for the “Azeri-Chirag-Gunashli” (ACG) fields block. The State Oil Company of Azerbaijan (SOCAR) holds a 25% stake in this contract.
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