The average price of Azerbaijani oil on CIF delivery terms (the cost of oil includes transportation costs to the destination indicated by the buyer – Caspian Barrel) in the first quarter of 2021 was $ 61.6 per barrel.
According to the official representative of SOCAR, Ibrahim Ahmadov, in January-March 2020, the average price of Azerbaijani oil on CIF delivery terms was $ 53.1 per barrel.
Thus, the cost of Azerbaijani oil in the first quarter of 2021 increased by $ 8.5 or 16%.
As reported, the average price of Azerbaijani oil on CIF delivery terms in 2020 was $ 43.7 per barrel.
Azerbaijan exports its oil to world markets through three terminals: Ceyhan (Turkey), Supsa (Georgia) and Novorossiysk (Russia). About 83-85% of all oil exports are carried out through Azerbaijan’s main export pipeline: Baku-Tbilisi-Ceyhan.