SOCAR: Azerbaijani Oil Cost $ 43.2 on Average in January-September

The average price of Azerbaijani light oil of the Azeri Light brand on the terms of CIF delivery in January-September 2020 was $ 43.2 per barrel.

This was announced by the official representative of SOCAR (State Oil Company of Azerbaijan) Ibrahim Ahmadov.

He also noted that for the same period in 2019, the average price of Azerbaijani light oil of the Azeri Light brand on CIF delivery terms was $ 66.9 per barrel.

As reported, in the first quarter of 2020, the average price of Azeri Light on the terms of CIF delivery amounted to $ 53.07 per barrel, and in the first half of the year – $ 42.75 per barrel.

In 2019, the average price of Azerbaijani light oil Azeri Light on CIF delivery terms was $ 66.79 per barrel.

Azeri Light oil is produced under the contract for the development of the Azeri-Chirag-Gunashli (ACG) fields, in which SOCAR’s share is 25%. The profitable oil is distributed among the project shareholders depending on their share in the contract. ACG accounts for 70% of oil produced in Azerbaijan.